United Development Company reports Q1 results

- Earnings per share of QR1.27 per share, up 26% from the same period last year.
- Net Profit Attributable to the Shareholders of UDC of QR135.7m, an increase of 26% over the reported QR107.8m for the same period last year.
- Net Profit reached QR145.2m, displaying an 7% increase over QR135.6m reported for the same period last year.

"2009 is being seen as one of the most challenging years for companies globally," said UDC Chairman, Hussein AlFardan. "We believe this quarter's positive results demonstrate that the Qatari economy is healthy, and supportive of companies that seek to develop their businesses sustainably, and is in line with the vision set for the country by His Highness the Emir, Sheikh Hamad Bin Khalifa Al Thani."

Khalil Sholy, Managing Director and President of UDC, attributed the Company's sustainability to a set of consistent strategic values, "The quality and expertise of our partners, the vision of diversified investments and strategic growth; the tireless exploration of opportunities; and most importantly, the talent and hard work of our staff."

"We continue to be observant of both the challenges and the opportunities," he added. "We are confident our financial results will continue to yield exceptional returns and will further solidify our position in the market."

UDC is one of Qatar's premier shareholding companies. During the past few years, UDC has established successful strategic partnerships with major companies operating in different fields. The Company targets a growing range of sectors for development, including hydrocarbons and energy, infrastructure and utilities, maritime and environmental related businesses, urban development, property management, hospitality and leisure, information technology, fashion and marketing services.

UDC is the owner and developer of The Pearl-Qatar, a multi-billion USD man-made island, spanning nearly 4 million sq meters.