United Development report 6% rise in net profit

The Qatar-based firm recorded a net profit of (QAR595m) compared to (QAR559m) for the same period last year

United Development recorded a 6% increase in net profit.
United Development recorded a 6% increase in net profit.

United Development Company ( UDC ) has reported a 6% increase in net profits for the third quarter of 2015. 

The Qatar-based firm recorded a net profit of (QAR595m) compared to  (QAR559m) for the same period last year. 

While, total net profit stood at (QAR620m) compared to (QAR589m) for the same period in 2014. 

Turki Al Khater, chairman of United Development Company, said the good results achieved were attributable to the ongoing growth of the firm's business at The Pearl and the commercial leasing initiatives at Medina Central and Porto Arabia. 

He said: "The potential progress in our activities will lead to affirmative growth for the remainder of this year and we are looking forward to continuing this trend for our clients and shareholders."

Ibrahim Jassim Al-Othman, president and chief executive officer of UDC, added: "Our financial results for the third quarter of 2015 reflects a positive performance by the company, showing UDC's ability to perform in a very competitive marketplace."

"We are confident our strategic plans will continue to enhance the variety of UDC's business activities and to keep up the momentum for growth in the fourth quarter of the year, particularly as we stress on cost optimisation and focus on our core business."

During the third quarter of the year, United Development Company restructured the organization of the Company and its subsidiaries, in a way to improve performance and cost optimization.

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