UDC reveals $143mn net profit for H1 2014

Figure is up 34% on same period last year

UDC is the master developer of The Pearl-Qatar.
UDC is the master developer of The Pearl-Qatar.

United Development Company (UDC), master developer of The Pearl-Qatar, has announced a net profit for the first half of 2014 of QR521mn ($143mn).

This compared to a net profit of QR389mn ($106.8mn) in the same period of 2013, an increase of 34%.

The net profit attributable to owners of the company stood at QR499mn ($137mn) compared to QR325mn ($89.2mn) for the same period last year.

Earnings per share reached QR1.41 for the first half of 2014, compared to QR0.92 in the same period of 2013, a healthy increase of 53% from the first six-month figures in 2013.

Gross profit was reported at QR702mn ($192.7mn), compared to QR508mn ($139.5mn) for the same period last year.

“I am pleased with our revenue performance as we continue to invest in our capabilities and grow our ranks with the aim of enhancing our market position while we pursue our long-term strategic initiatives," Turki Al Khater, UDC chairman and managing director, said.

Al Khater predicted earlier this year during the company’s Annual General Assembly that UDC’s results in 2014 will improve drastically and more visibly by mid-year.

“Our financial results for the first half of 2014 reflect solid performances by the company and its subsidiaries, and we are confident we will keep up this momentum in the second half of this year.

“Given this encouraging trend, UDC will continue to deliver strong results across the group, posting profit levels that are in line with the board’s expectations and demonstrating the company’s ability to perform in a very competitive marketplace,” Al Khater added. 

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