UDC announces its Q3 2011 results

United Development Company (UDC), one of Qatar's leading public shareholding companies, reported a net profit of QR 1.840 Billion as of the third quarter (Q3) of 2011 compared with QR 454 Million as of Q3 2010. Total assets increase to QR 14.668 Billion, compared to QR 10.878 Billion as of 31 December 2010.

UDC Chairman, Hussein Al Fardan attributed the company’s financial performance and continued success to a clear vision of what can be achieved as a result of Qatar’s economic stability which is maintained by the foresight and wise leadership of His Highness the Emir, Sheikh Hamad Bin Khalifa Al Thani and the Heir apparent Sheikh Tamim Bin Hamad Al Thani.

Khalil Sholy, Managing Director and President of UDC, said: “Our good performance is in direct relation to Qatar’s robust economy. By maintaining our focus on delivering high quality products and services across the group we have been able to achieve growth despite the challenging times.”

Mr. Sholy pointed to several notable plans and achievements for UDC this year including:

UDC EPS increment in QR 8.5

UDC reached an agreement with a leading financial Russian institution to jointly fund investment in the fields of oil and gas, infrastructure and development of large scale projects in the regions of both countries.

Continued hand over of completed projects by developers at The Pearl-Qatar and in the last quarter of 2011 and the first half of 2012 we will take over both Quanat Quartier and Medina Centrale.

Further openings of new exclusive retail outlets and world recognized restaurants in 2011

Nikki Beach Resort construction work has started, and expansion continuity of the objectives and opportunities in the hospitality business.

Strong performances from partner companies.

Sholy said that UDC is confident that its business strategy is sound. “We continue to grow and deliver based on our strategic objectives, while searching for new and innovative business ideas and opportunities to enhance the synergies with our operating companies.”

UDC Chairman Hussein Al Fardan affirmed. “These results show that UDC growth is performing well against overall economic growth in the Qatar economy.”