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MENAFN - The Peninsula - 28/04/2014
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(MENAFN - The Peninsula) United Development Company (UDC), one of the leading Qatari shareholding companies and master developer of The Pearl-Qatar, yesterday announced the financials for the first quarter ending March 31, 2014 and posted a net profit of QR360m, up 57 percent, compared to QR229m for the corresponding period last year.

The net profit attributable to owners of the company stood at QR352m, with earnings per share reaching QR0.99 for Q1 2014 compared to QR0.59 in the same period of 2013, witnessing an increase of 68 percent from Q1 2013 figures. The gross profit for Q1, 2014 was reported at QR307m compared to QR277m for the same period last year.

Turki Al Khater (pictured), Chairman of UDC, said: "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."

Al Khater, who had predicted during last month's annual general assembly that the results in 2014 will improve drastically starting with the first quarter results, added that the company is fortunate to be operating in a highly visionary and rapidly developing country, and that this backdrop presents multiple opportunities for continuing the sound financial performance.


The Peninsula

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