Browse
related articles
At the meeting, UDC shareholders approved the election of new directors:
1. Mr. Abdulrahman Abdullah Abdulghani Nasser Al Abdul Ghani
2. Mr. Turki Mohamed Khaled Al-Khater
3. Sheikh Ahmed Bin Nasser Faleh Al Nasser Al-Thani
4. Mr. Ali Hassan Salem Abdullah Al-Khalaf
5. Mr. Moftah Jassim Mohammed Al-Moftah
6. Mr. Abdul Aziz Mohammed Hamad Abdullah Al-Mana
7. Dr. Thani Abdul Rahman Shaheen Al Al-Sheikh Al-Kuwari
8. Mr. Rashid Hamad Arsheed Al-Farhood Al-Meadadi
9. Sheikh. Ali Bin Ghanem Al Thani
In addition, UDC shareholders ratified the appointment of Ernst & Young as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2013.
Shareholders attending the Annual Ordinary General Meeting also adopted all motions proposed by the Board of Directors.
They included:
• Board of Director's report on the company's activities and its financial position for the financial year ending 31st December 2012 and the future plan of the company.
• Auditor's report on the company's accounts for the financial year ending 31 December 2012.
• Approval of the Company's balance sheet and the profit and loss accounts for the financial year ending 31st December 2012 and deciding on the recommendation of the Board of Directors regarding the dividends.
• The General Assembly's release from liability of All members of the Board of Directors for the financial year ending 31 December 2012.
• Appointment of the External Auditor for the financial year 2013 and approval of the auditor's fees.
• Election of members of the Board of Directors.
• Governance Report for the year 2012.
"In 2012, we kept costs under control and increased revenue by more than 43%, helping profits to climb and earnings per share to rise," Hussein Alfardan, Chairman - UDC Board of Directors, said during his speech to attending shareholders.
"Based on our solid 2012 results, we look forward to continued progress in 2013. We are confident in our future and in the new leadership directing our progress since April 2012. This dynamic, new management remains committed to operating United Development Company's investments and interests in a responsible, transparent and sustainable manner, laying the cornerstone for the many new plans we'd like to charter for our future."
According to CEO Ebrahim Al-Sulaiti, United Development Company is a successful Qatari shareholding company.
"To continue this success," he added, "We must reorganize our company to meet new challenges and sustain profitability. We must also attract, develop, retain and inspire the best people at every level across our company and its subsidiaries. This will necessarily mean that we develop the Qatari workforce at UDC through effective recruiting, education and training."
"If we do this," he concluded, "We will continue our progress and move forward in 2013 by increasing profits from sales and retail leasing as well as improving the performances of our various subsidiaries and partnerships."
UDC had announced on Wednesday February 6, 2013 its strong performance with reported revenue of QR 2.73bn for the year 2012, compared to QR1.91bn in 2011, prompting the company to propose a dividend payment of QR1 per share.
While net profits increased 32 % to QR850m for the year ending December 31, 2012, as compared to 2011, excluding revaluation gain on investment properties amounting to QR645m, the profit attributable to owners of the company stood at QR730m.
The company, which targets investment and joint venture opportunities in infrastructure, real estate, urban development, utilities, hospitality, retail and other service oriented businesses also reported a gross profit of QR1.08bn, compared to QR783m for the same year.
Total assets climbed to QR19.466bn, marking a healthy increase over 2011's reported assets of QR19.056bn.
Posted by Nadeen El Ajou
