DOHA: The shareholders of United Development Company (UDC), master developer of The Pearl-Qatar, yesterday approved the company’s proposal to distribute QR1.25 per share (12.5 percent of the share’s par value) as cash dividend for 2014.
At the AGM, the shareholders adopted all the proposals tabled by the company’s Board. The quorum was met as a majority of shareholders attended the ordinary AGM. The AGM approved the company’s 2014 financial results and relieved from liability all members of the Board of Directors of the company for the financial year ending December 31, 2014 and determined their remuneration.
The meeting appointed Ernst & Young as external auditors for the financial year 2015 and approved their fees. The meeting was called to order by Turki Al Khater, UDC Chairman and Managing Director, who gave a comprehensive overview of the Company’s activities and financial results for 2014 along with the Company’s business plan for the year 2015.
“UDC has continued the streak of successes through 2014, where the total profit increased by 29.8 percent to reach QR1.1bn ($320m) and net profit also climbed by 65.4 percent to QR676m ($185.6m) despite the fact we have increased spending on research and development for promising projects that carry a huge potential for the future,” Al Khater said.
“The successes UDC has been able to achieve over the past twelve months vindicate the commitment to innovation and opportunistic investment that was applied throughout 2014.”
He continued: “Our strategic plan calls for each of our major businesses to contribute to our future success, and our Company-wide strategy is focused on creating partnerships, achieving growth and minimising risks. This strategy provides UDC with a stronger profile going forward.” Total assets stood at QR19.2bn ($5.27bn).
According to Al Khater, the results reflect solid performance and confirm UDC’s continuing commitment to consolidating the financial robustness of the Company in 2014 and the years ahead. “The year 2014 was a year of significant achievement for UDC. We confirmed our growth potential, increasing net profit by over QR267m from 2013, launched new precincts at The Pearl-Qatar and opened an impressive range of retail, hospitality and entertainment projects.”
Continued strong demand for properties at The Pearl-Qatar enabled the company to reinforce its leading position in the key market segment of real estate, Al Khater said in his address to the shareholders. Consequently, the market response to retail properties at The Pearl Qatar has been solid in 2014, leading the company to open the new precincts of Qanat Quartier and Medina Centrale to satisfy the booming demand by retailers looking to open shops and business operations at the island, said the chairman and MD.
The Peninsula
