DOHA: United Development Company (UDC) has recorded revenue of QR1.9bn for the full-year 2014. The company proposed a dividend payout of QR1.25 per share.
UDC’s net profit for the year ending December 31, 2014 reached QR676m as compared to QR 409m a year ago. The profit attributable to equity holders of the company jumped to QR626m at December 31, 2014, compared to QR323m for the same period of 2013.
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 QR1.1bn, while total assets stood at QR19bn.
UDC Chairman of the Board and Managing Director of United Development Company Turki bin Mohammed Khaled Al Khater (pictured) said that the financial results for 2014 reflected the company’s solid performance and progress.
“2014 was a year of significant achievement for UDC,” he said. “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 there.”
Al Khater said: “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.”
According to Al Khater, 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.” The Peninsula
