Friday 29 March 2024
 
»
 
»
Story

Al Khater ..... impressed with the range of retail, hospitality and
entertainment projects.

Qatar UDC revenue soars to $521m in 2014

DOHA, February 17, 2015

Qatar-based United Development Company (UDC) said its revenue for the year ending December 31, 2014 surged to QR1.9 billion ($521 million) compared to the same period the previous year.

UDC, a company which targets investment and joint venture opportunities in infrastructure, real estate, urban development, utilities, hospitality, retail and other service oriented businesses, said its net profit hit QR676 million ($185 million) compared to QR409 million ($112 million) in 2013.

It is also the master developer of the country's leading mixed-use project, The Pearl-Qatar.

UDC reported a gross profit of QR1.1 billion ($301 million) for the year, while its total assets stood at QR19.2 billion ($5.26 billion).

The Qatari firm pointed out that the financial results for 2014 reflected solid performance and progress. Impressed with the results, it has proposed a dividend payout of QR1.25 ($0.34) per share.  

The profit attributable to equity holders of the company stood at QR626 million ($172 million) compared to QR323 million ($88.6 million) in 2013.

Commenting on the results, chairman and managing director Turki bin Mohammed Khaled Al Khater, said: "2014 was a year of significant achievement for UDC. We confirmed our growth potential, increasing net profit by over QR267 million ($73.2 million) from 2013, launched new precincts at The Pearl-Qatar and opened an impressive range of retail, hospitality and entertainment projects there."

"At UDC, we are guided by the successful strategy of diversifying our resources to grow our portfolio. We capitalised on our Pearl-Qatar potential to build a community comprised of a mix of project types and sizes," stated Al Khater.
 
He said UDC will continue to invest in 2015 in order to meet the challenging growth targets it has set for itself.

“This is particularly true for The Pearl-Qatar, where we anticipate further fast-track development en route to completing the Island’s remaining precincts by 2018,” he added.-TradeArabia News Service




Tags: Qatar | UDC | Revenue |

More Construction & Real Estate Stories

calendarCalendar of Events

Ads