United Development Company (UDC), one of Qatar’s leading public shareholding companies, reported a net profit of QR 298.6 million attributable to the owners of the Company, and net profit of QR 370.1 million attributable to the Companyfor the first half of 2012.
UDC Chairman Hussein Al Fardan attributed the company’s financial performance and continued success to Qatar’s economic progress and stability under the vision and wise leadership of His Highness the Emir, Sheikh Hamad Bin Khalifa Al Thaniand HH the Heir Apparent Sheikh Tamim Bin Hamad Al Thani.
According to the company’s Chief Executive Officer Ebrahim Mubarak Al-Sulaiti, the results exhibited in the first half of 2012 reflect the steady performance of United Development Company and its subsidiaries, and we do look forward to continued growth in the second half of the year.
“UDC’s earnings per share reachedQR 0.89 for the first six months of 2012, while reporting a gross profitof QR 450.6million compared to QR 355.7 million for the same period last year. We are, therefore, confident that our strategic plans will continue to enhance the broad scope of UDC’s business activities,” he added.
He said that UDC continues 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.
Total assets of UDC amounted to QR 19.7billion compared to QR 19.05billion in the year 2011.