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DOHA: United Development Company (UDC) has announced strong performance with its revenue recording QR2.076bn for the first nine months of 2012 compared with QR1.095bn in the same period, 2011.
The company’s net profits increased 14 percent to QR537.6m for the nine months as compared to the same period of 2011, excluding revaluation gain on investment properties amounting to QR1.370bn. The profit attributable to owners of the company stood at QR417.4m, with earnings per share reaching QR1.24 for the first nine months of 2012 compared to QR8.10 in the same period of 2011 due to the revaluation gain on investment properties.
Total assets climbed to QR19.494bn, marking a healthy increase over 2011’s reported assets of QR19.056bn. Moreover, UDC reported a gross profit of QR631m, compared to QR493m for the same period last year.
UDC was listed on the Qatar Exchange in June 2003. Companies under its umbrella include United Fashion Company, Hospitality Development Company and Ronautica Middle East. Companies established most recently under the umbrella of United Development Company include Madinainova, United Facilities Management Company and The Pearl Owners Corporation.