United Development Company announces second quarter 2013 financial results

United Development Company (UDC), one of Qatar’s leading public shareholding companies and master developer of The Pearl-Qatar, today announced its financial results for the first half of the year 2013, reflecting continued solid growth.

The company recorded a net profit of QR 389 million, compared to net profit in the second quarter of 2012 of QR 370 million, an increase of  5%. Net profit attributable to owners of the Company stood at QR 325 million, compared to net profit in the second quarter of 2012 of QR 299 million. 

Showing growth across its various portfolios, UDC posted a second quarter earnings per share of QR 0.96, up 8% from the same period last year of QR 0.89. Q2 gross profit was reported at QR 508 million, compared to QR 451 million for the same period last year. 

“I am pleased with our performance as we continue to post excellent financial results.” H.E. Sheikh Ahmed Bin Nasser Bin Faleh Nasser Al-Thani, Chairman of the Board at United Development Company, said. “Our outstanding results are largely attributed to Qatar’s economic growth and stability under the leadership of His Highness Sheikh Tamim Bin Hamad Bin Khalifa Al-Thani, the Emir of Qatar.”

Expressing satisfaction with the results and confidence in future growth, United Development Company’s Chief Executive Officer Ebrahim Mubarak Al-Sulaiti said,"Our financial results for the first half of 2013 reflect solid performances by the company and its subsidiaries, and we are confident we will keep up this momentum in the second half of this year.”  

He added, “As we move from strength to strength, we remain focused on finding the best value for our shareholders, while staying responsive to the needs of our clients, investors, residents and retailers.” 

As one of Qatar’s leading shareholding companies, 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.