United Development Company announces Q1 2013 results

United Development Company (UDC), one of Qatar’s leading and most recognized public shareholding companies, today announced another strong performance in the first three months of 2013.

Net profit for the first three months stood at QR229 million, compared to net profit in the first quarter of 2012 of QR196.8 million, an increase of 16%. The net profit attributable to owners of the company stood at QR 209 million, with earnings per share reaching QR 0.62 for the first quarter of 2013, compared to QR 0.41 in the same period of 2012, a healthy increase of 51% from Q1 2012 figures.

Q1 gross profit was reported at QR 277 million, compared to QR 236 million for the same period last year. 

“I am pleased with our revenue performance as we continue to invest in our capabilities and grow our ranks with the aim of enhancing our market position while we pursue our long-term strategic initiatives," H.E. Sheikh Ahmed Bin Nasser Bin Faleh Nasser Al-Thani, who is serving the first of a three-year appointment as Chairman of the Board of UDC, said. He added that UDC is fortunate to be operating in a highly visionary and rapidly developing country and that this backdrop presents multiple opportunities for continuing the company’s sound financial performance. 

According to United Development Company’s Chief Executive Officer Ebrahim Al-Sulaiti, the results exhibited in the first quarter of 2013 reflect the steady performance of United Development Company. 

He highlighted several notable achievements for UDC this period, including: 

- Improved real estate sales and leasing figures.

- The opening of new retail outlets as well as popular restaurant chains in The Pearl-Qatar, with more dining and retail outlets expected to open throughout 2013.

- The improving performances of some of UDC’s major partner companies and subsidiaries due to companies’ restructuring. 

“Given this encouraging trend, UDC will continue to deliver strong results across the group, posting profit levels that are in line with the board’s expectations and demonstrating the company’s ability to perform in a very competitive marketplace,” Al-Sulaiti noted. 

United Development Company is one of Qatar’s leading shareholding companies. During the past few years, UDC has established successful strategic partnerships with major international companies operating in different fields. UDC’s target areas of interest include: infrastructure and utilities, real estate, hydrocarbon and energy, urban development, environmental-related businesses, hospitality and leisure, fashion, information technology, business and marketing services.