The Company's net profits for the quarter increased to QR108m, compared to QR53m recorded over the same period of 2007. Earnings per share crossed to QR1.01, again, a triple digit percentage increase from the comparable quarter of 2007, then QR0.49 per share. Revenues for the quarter climbed to QR623m from QR347m of the same quarter last year, while the Company's total assets reached QR6,173bn.
"Our strong financial performance proves UDC's ability to foster achievements in quality and quantity. The outstanding growth of Qatar's economy under the astute leadership of His Highness the Emir and His Highness the Heir Apparent, has created the optimal business and investment climate for UDC and is an important aspect for the company's success," said Hussien AlFardan, UDC Chairman.
Khalil Sholy, Managing Director and president of UDC said: "It is a remarkable start to a promising fiscal year for UDC. We have managed to transform many of our innovative business ideas and robust growth strategies into successful thriving businesses that can withstand the world's economic cycles. This is clearly reflected in UDC's financial performance during the period".
United Development Company is one of Qatar's leading public shareholding companies. During the past few years, UDC has established successful strategic partnerships with major companies operating in different areas. UDC's target areas of interest include: infrastructure and utilities, hydrocarbon and energy, urban development, environmental-related businesses and hospitality and leisure.
UDC is also the owner and developer of the QR55bn ($15bn) flagship project, The Pearl-Qatar. The island is one of the largest real estate development in Qatar and one of the most lavishly designed in the world.
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United Development Company reports 80% increase its revenues
- Qatar: Saturday, April 19 - 2008 at 13:52
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United Development Company (UDC), one of Qatar's leading public shareholding companies, reported a 104% quarter on quarter increase in net profits for 2008 1st quarter.
Hussien AlFardan, UDC Chairman.
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Posted by Medilyn Manibo, Assistant News EditorSaturday, April 19 - 2008 at 13:52 UAE local time (GMT+4)
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For more information, please contact:
Mira El-Baphe
Senior Media Relations Officer
Tel: +974-5970433
Fax: +974-4438971
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 July 1999 and has an authorized share capital of QR 1.072 billion (US $294 million),. It 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 March 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 Fertilizer Company (QAFCO) and other Qatari investors. Operations began in 2004.
In mid-2006, 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 saw the establishment of Ronautica-Middle East, a Marina Operations and Management Company. UDC holds a 60 percent stake while Ronautica S.A. holds 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.
Mira El-Baphe
Senior Media Relations Officer
Tel: +974-5970433
Fax: +974-4438971
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 July 1999 and has an authorized share capital of QR 1.072 billion (US $294 million),. It 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 March 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 Fertilizer Company (QAFCO) and other Qatari investors. Operations began in 2004.
In mid-2006, 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 saw the establishment of Ronautica-Middle East, a Marina Operations and Management Company. UDC holds a 60 percent stake while Ronautica S.A. holds 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.
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