UDC stands strong and resilient reports another quarter of impressive financial results

Key financial highlights announced today:

- Net Profit reached QR417m, displaying an 89% increase over QR220.6m reported for the same period last year
- Net Profit Attributable to the Shareholders of UDC of QR358m, an increase of 66% over the reported QR216m for the same period last year.
- Earnings per share of QR 3.34 per share, up 65% from the same period last year.
- A growth of QR944m in Total Assets to QR6,808m.

Commenting on the results and the projected performance of the Company amid rising concerns of global recession, UDC Chairman Hussein AlFardan said:

"The Company operates a diversified portfolio of businesses that have different levels of resilience to the current global economic climate. This, coupled with the fact that UDC is a large and dynamic organization capable of moving swiftly, as well as other factors, will ensure that UDC will continue to perform well."

Highlighting UDC's Q3 financial performance, Khalil Sholy, UDC Managing Director and President said: "We are mindful of concerns about the global business crisis, but remain bullish on UDC's robust business model and the Qatari economy. We are very pleased with both the results for the quarter and the momentum we have seen throughout this year. Our competitive positioning is excellent and the outlook remains very positive.

Qatar continues to be one of the strongest economies in the world with strong leadership and sound financial fundamentals. Against this background, UDC is confident in the continued expansion and diversification of the Company and the economy," added Sholy.

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 diversified industries. UDC's target areas of interest include: infrastructure and utilities, hydrocarbon and energy, urban development, environmental-related businesses, fashion, hospitality and leisure. UDC is also the owner and developer of the flagship project, The Pearl-Qatar, one of the largest urban development projects in Qatar and one of the most lavishly designed in the world. The total cost of the island is in excess of QR50bn ($14bn).