United Development Company (UDC) has posted a net profit of QR732.8mn in 2015, up 8% on 2014, the company said yesterday. In 2014, UDC had earned a net profit of QR676.3mn.
The net profit attributable to owners of the company stood at QR689.6mn last year compared with QR625.6mn in 2014, an increase of 10%.
UDC chairman Turki bin Mohamed Khaled al-Khater said, “The financial results for year 2015 reflect positive performance and progress, leading the company to propose dividend distribution of QR1.5 per share, which is more than the last year by 20%. 2015 was a year of achievement for UDC and looking forward for the same in year 2016”.
Ibrahim Jassim al-Othman, UDC president and chief executive officer said, “The increase in the company’s net profit is coupled with the increase in the earnings per share.”
Earnings per share for 2015 stood at QR1.95, an increase of 10% on 2014.
Al-Othman said 2016 would “witness the execution of the company’s strategy focusing on UDC’s core activities, while meeting the shareholders’ expectations.”
The company’s board of directors has decided to hold the ordinary annual general assembly meeting on March 8 at 6.30pm at the Marsa Malaz Kempinski Hotel, Palazzo Ballroom, The Pearl-Qatar.
In the absence of a quorum, the alternative meeting will be held on March 14 in the same place and time.
UDC said it targets investment opportunities in real estate, urban development and infrastructure with positive returns to shareholders.