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UDC revenue reaches QR2.08bn

February 26, 2014

DOHA: United Development Company (UDC) recorded revenue of QR 2.08bn for the year 2013. The company's net profit for the full reached to QR 409m while the net profit attributable to owners of the company stood at QR 323m during the period.

The board of directors recommended the distribution of 10 percent of the share's par value as cash dividends (QR1 per share), in addition to five percent bonus shares.  UDC Chairman Turki bin Mohammed Khalid Al Khater said: "It is our endeavour to remain focused on our vision for expansion and operational excellence. We are confident of our ability to live up in our future achievements to the expectations of the shareholders, under a new management devoting its efforts and expertise to this end."  Badr Al Meer, the acting CEO, said the company will continue to focus on the development of The Pearl-Qatar project to attract more residents and investors to the island, and to examine new investment opportunities in line with the company's vision".  "2014 is an important platform for UDC, especially as it has initiated the beginning of the new year by signing new agreements to further develop the island, attract more residents, and expand its investment offerings. This indicates that TPQ represents a unique investment opportunity for investors and retailers who are looking to maximize their returns and diversify their investment portfolios", Al Meer said.

The unique positioning of the island makes it an ideal place for local and international retailers, looking for the ideal location for their outlets.  "We are on the right track to diversify our revenue stream further in 2014 by launching new precincts at The Pearl-Qatar, bringing more residents to live in the island, and attracting new hospitality and retail investors, thus improving our margins and, ultimately, increasing profitability", Al Meer added.

The Peninsula

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Source: Peninsula, The (Qatar)

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