Sheikh Ahmed bin Nasser bin Faleh Nasser Al Thani (left) and Ebrahim Al Sulaiti
DOHA: United Develo-pment Company’s (UDC) net profit for the first three months of 2013 reached at QR229m, up 16 percent compared to QR196.8m for Q1 in 2012. The net profit attributable to owners of the company stood at QR209m, with earnings per share reaching QR0.62 for the first quarter of 2013, compared to QR0.41 in the same period of 2012, an increase of 51 percent from Q1 2012 figures.
UDC’s Q1 2013 gross profit grew to QR277m, compared to QR236m for the same period last year.
“I am pleased with our revenue performance as we continue to invest in our capabilities and grow our ranks with the aim of enhancing our market position while we pursue our long-term strategic initiatives,” Sheikh Ahmed bin Nasser bin Faleh Nasser Al Thani, who is serving the first of a three-year appointment as Chairman of the Board of UDC, said. He added that UDC is fortunate to be operating in a highly visionary and rapidly developing country and that this backdrop presents multiple opportunities for continuing the company’s sound financial performance.
UDC Chief Executive Officer Ebrahim Al Sulaiti said the results reflect the steady performance of the company.
Highlighting the notable achievements of the company during the period, Al Sulaiti said that real estate sales and leasing figures improved during the Q1. The opening of new retail outlets as well as popular restaurant chains in The Pearl-Qatar, with more dining and retail outlets expected to open throughout 2013. The restructuring of UDC’s major partner companies and subsidiaries helped improve their performances, he said.
“Given this encouraging trend, UDC will continue to deliver strong results across the group, posting profit levels that are in line with the board’s expectations and demonstrating the company’s ability to perform in a very competitive marketplace,” Al Sulaiti said.
During the past few years, UDC has established successful strategic partnerships with major international companies operating in different fields. UDC’s target areas of interest include: Infrastructure and utilities, real estate, hydrocarbon and energy, urban development, environmental-related businesses, hospitality and leisure, fashion, information technology, business and marketing services.
The Peninsula
