The Company also reported a 92% per cent rise in gross profit to QR 177 million compared to QR 92 million achieved during the same period last year. UDC's revenues increased by QR 636 million representing 151 per cent, up from an increase of QR 87 million over the same period of 2006.
In addition, United Development Company's earnings per share rose by 26 per cent to QR 1.18 for the first half of 2007.
The profit and revenue figures for the first half of 2007 include all of UDC operations, partnerships and investments.
UDC Chairman, Hussein Alfardan, attributed the Company's continuous success to the outstanding growth of Qatar's economy under the astute leadership of His Highness the Emir of the State of Qatar, Sheikh Hamad bin Khalifa Al Thani and His Highness the Heir Apparent, Sheikh Tamim Bin Hamad Al Thani, who created the optimal business and investment climate for the country.
"The financial results reflect the solid ground upon which UDC's business strategy is based, and showcase the positive income of its diversification plans that continue to yield the best returns to the company shareholders," he said.
UDC Managing Director, Khalil Sholy, expressed his satisfaction over the company's financial results and its future prospects: "UDC'S outstanding financial performance demonstrates the company's diverse capabilities and competitive strengths. UDC has the potential of becoming a leader in several fields and industries, and we expect those industries to yield additional returns this year and in the near future".
"The Board of Directors and the Management team at United Development Company are exalted with these excellent results, which proved the robust nature of UDC's financial strategy and made certain that the company is moving in the right direction," he added.
United Development Company is one of Qatar's premier developers. During the past few years, UDC has established successful strategic partnerships with major companies operating in different areas. UDC is currently a regional leader in a broad range of industries, including construction, real estate development, petrochemicals, district cooling, land reclamation, wastewater treatment solutions, as well as management and operation of first-class marinas.
UDC is also the owner and developer of The Pearl-Qatar, a multi-billion US dollar man-made island, spanning nearly 4 million sq meters. The Pearl-Qatar is the country's first international real estate venture.
Browse
related articles
UDC reports record profits of QR 127 million for first half of 2007
- Qatar: Wednesday, August 01 - 2007 at 10:41
- PRESS RELEASE
Related content
United Development Company (UDC), one of Qatar's leading private sector shareholding companies, reported an impressive net profit of USD 35 million (QR 127 million) for the first half of 2007.
Walid Al Saadi, CEO.
Article Options
Log in to request more information from United Development Co (UDC)
Posted by Anne-Birte Stensgaard, Senior News EditorWednesday, August 01 - 2007 at 10:41 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
Notes and Media Contacts »
ABOUT UNITED DEVELOPMENT COMPANY (UDC)
United Development Company (UDC) is one of the country's leading public shareholding companies. UDC's mission is to identify and invest in long-term projects contributing to Qatar's growth and providing good shareholder value. The company was established in 1999 and has an authorized share capital of QR 1.072 billion (US $294 million), was listed on the Doha Securities Market in June 2003, and is a Gulf Business Top 100 company.
UDC's target areas of interest include: infrastructure, energy-intensive industries, downstream hydrocarbons, real estate, construction and environment-related businesses. UDC established the Qatar Dredging Company (QDC), a joint venture with the State of Qatar and Belgium's Dredging, Environmental & Marine Engineering NV, and formed Qatar Cool, a district cooling company, in partnership with Tabreed of the United Arab Emirates. UDC also partnered with Seef Limited, a joint venture with Qatar Petroleum, to develop a plant to produce linear alkyl benzene (LAB), which is the main feedstock for detergent manufacture. The plant started operations in 2006 with a production capacity of 100,000 tons a year. UDC has also invested in the Gulf Formaldehyde Company as a joint venture partner with Qatar Fertiliser Company (QAFCO) and other Qatari investors. Operations began in 2004.
In November 2005, United Development Company entered into a new joint venture with BESIX NV of Belgium to establish a ready-mix concrete facility, with shareholding split between UDC (32%) and BESIX NV (49%). The remaining shares were acquired by local Qatari investors. Production began in June 2006. On May 31, 2006 UDC entered into a partnership with a Turkish biological wastewater treatment company (Millenya Inc.). Under the terms of this partnership, UDC acquired 60% of Millenya's equity.
United Development Company's latest business partnership was signed on November 28, 2006 when the company concluded a joint venture agreement with Spain's Ronautica S.A. The agreement will see the establishment of Ronautica-Middle East, a Marina Operations and Management Company. UDC will hold a 60 percent stake while Ronautica S.A. will hold the remaining 40 percent in the new firm.
UDC's founders, who at launch held 45% of the shares, are among Qatar's most successful investors and developers. A large number of Qatari and GCC investors are shareholders in UDC.
United Development Company (UDC) is one of the country's leading public shareholding companies. UDC's mission is to identify and invest in long-term projects contributing to Qatar's growth and providing good shareholder value. The company was established in 1999 and has an authorized share capital of QR 1.072 billion (US $294 million), was listed on the Doha Securities Market in June 2003, and is a Gulf Business Top 100 company.
UDC's target areas of interest include: infrastructure, energy-intensive industries, downstream hydrocarbons, real estate, construction and environment-related businesses. UDC established the Qatar Dredging Company (QDC), a joint venture with the State of Qatar and Belgium's Dredging, Environmental & Marine Engineering NV, and formed Qatar Cool, a district cooling company, in partnership with Tabreed of the United Arab Emirates. UDC also partnered with Seef Limited, a joint venture with Qatar Petroleum, to develop a plant to produce linear alkyl benzene (LAB), which is the main feedstock for detergent manufacture. The plant started operations in 2006 with a production capacity of 100,000 tons a year. UDC has also invested in the Gulf Formaldehyde Company as a joint venture partner with Qatar Fertiliser Company (QAFCO) and other Qatari investors. Operations began in 2004.
In November 2005, United Development Company entered into a new joint venture with BESIX NV of Belgium to establish a ready-mix concrete facility, with shareholding split between UDC (32%) and BESIX NV (49%). The remaining shares were acquired by local Qatari investors. Production began in June 2006. On May 31, 2006 UDC entered into a partnership with a Turkish biological wastewater treatment company (Millenya Inc.). Under the terms of this partnership, UDC acquired 60% of Millenya's equity.
United Development Company's latest business partnership was signed on November 28, 2006 when the company concluded a joint venture agreement with Spain's Ronautica S.A. The agreement will see the establishment of Ronautica-Middle East, a Marina Operations and Management Company. UDC will hold a 60 percent stake while Ronautica S.A. will hold the remaining 40 percent in the new firm.
UDC's founders, who at launch held 45% of the shares, are among Qatar's most successful investors and developers. A large number of Qatari and GCC investors are shareholders in UDC.
Disclaimer »
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
