Hussein Al Fardan
Qatar's UDC profits up 32pc
Doha, February 7, 2013
United Development Company, a leading Qatari public shareholding firm, reported a profit of QR 850 million ($233.28 million) in 2012, a 32 per cent growth compared to the previous year.
The figure excludes revaluation gain on investment properties, amounting to QR 645 million, a statement said.
The company said it was able to show another strong performance with revenues totaling QR 2.73 billion, compared to QR 1.91 billion in 2011. The company has proposed a dividend payment of QR1 per share.
Profit attributable to owners of the company stood at QR730 million, with earnings per share reaching QR2.17 as at December 31, 2012, compared to QR16.32 in the same period of 2011 due to revaluation gain on investment properties, the statement said.
The company, which targets investment and joint venture opportunities in infrastructure, real estate, urban development, utilities, hospitality, retail and other service oriented businesses also reported a gross profit of QR1.08 billion, compared to QR783 million for the previous year. Total assets climbed to QR19.466 billion, marking a healthy increase over 2011’s reported assets of QR19.056 billion.
UDC chairman Hussein Al Fardan attributed the company’s continued success to Qatar’s solid economic position and the expanding opportunities made possible by the stability and growth seen in the country. “We are fortunate to be operating in a rapidly developing country, and are therefore able to report solid operating results in 2012.”
Ebrahim Al-Sulaiti, the company’s chief executive officer, said the company’s focus in 2012 has been twofold: to attract investors to purchase plots of land available for investment at The Pearl-Qatar and to encourage more retailers to make the Island their primary location.
“The Pearl-Qatar represents a unique investment opportunity for investors and retailers looking to maximize their returns and diversify their investment portfolios,” Al-Sulaiti said. “The overwhelming sales and retail leasing response we’ve seen in 2012 shows how The Pearl-Qatar has captured investors’ imaginations, and its unique positioning makes it an ideal place for local and global retailers looking for the perfect location for their shops.”. – TradeArabia News Service
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