UDC reiterates its ability to achieve record financial results

UDC also reported a gross profit of QR 226,297,500m, a significant 51% increase from last year's comparative period of QR 150,381,681.

Furthermore, UDC's revenue increased by 91% totaling QR1,347,509,544 against last year's revenue of QR703,915,593 for the same period.

In addition, the earnings per share in the third quarter of 2007 recorded a rise of 35% to reach QR2.02.

UDC Chairman, Hussein Alfardan, reiterated the Company's commitment to sustainable growth and development in its different fields of operations.

He also expressed his optimism in the Company's performance and continuous growth within the framework of Qatar's astronomical economic boom 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.

Mr. Alfardan further clarified that UDC was and still is committed to achieving the best return on investment for its investors, and to contributing in Qatar's economic growth. He also confirmed that the company will deploy all necessary efforts to participate effectively in the development of the Sate of Qatar and to achieve outstanding financial results in the upcoming years.

On his part, Khalil Sholy, UDC's Managing Director/President, expressed his satisfaction in the Company's financial results during this year and considered that this is yet another proof of the Company's ability to achieve exceptional results in an escalating manner, emphasizing the policy of diversification and the creation of innovative business opportunities in partnership with industry leaders.

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.