(MENAFN - The Peninsula) United Development Company (UDC) has reported a net profit of QR196.79m for the first quarter (Q1) of 2012, a 35 percent increase compared with Q1 2011, a statement said yesterday.
UDC, one of Qatar's leading public shareholding companies, said that total assets increased to QR20.49bn which marks an eight percent increase as compared to December 31, 2011. The company's reported gross profit stood at QR236m.
Hussein Alfardan, Chairman of UDC, attributed the company's financial success to the wise leadership of the Emir H H Sheikh Hamad bin Khalifa Al Thani and his prudent stewardship of the country's extraordinary development.
"We are fortunate to be operating in a country whose leadership has a strong vision for the future," Alfardan said. "These solid foundations allow companies like UDC to flourish and contribute to achieving the national vision and continuing to deliver opportunities to grow. The economic conditions and the potential for growth will allow UDC to continue to diversify. The international Monetary Fund predicts that Qatar's economy will grow by 6 percent this year, which presents us with even more opportunities."
Established in 1999, UDC was listed on the Qatar Exchange in June 2003. Companies under its umbrella include United Fashion Company, United Hospitality Company and Ronautica Middle East. Companies established in 2011 under the umbrella of United Development Company include Madinainova, United Facilities Management Company and The Pearl Owners Corporation.