UDC Announces 2016 Semi-Annual Financial Results

Doha, July 18 (QNA) - United Development Company (UDC) today announced its financial performance in the first half of 2016. Net profit for the first half of 2016 stood at QR 353 million. The net profit attributed to the equity holders of the Company stood at QR 332 million. Earnings per share reached QR 0.94 for the first half of 2016, the company said in a press statement. In this regard, UDC Chairman, HE Mr. Turki Al Khater, stated: "Despite challenging market conditions, the Companys resilient business model has enabled us to deliver sustainable results for the first half of the year 2016. This is the outcome of prudent risk management and effective execution of the Companys strategic plans aimed at focusing on our core business functions." "We remain determined to achieving recurring revenue and strive to continue providing stakeholders with attractive investment products and services that cater to identified market needs. At the same time, we will keep an eye out for strategic growth opportunities, and will remain equipped to respond effectively to external challenges," added Al Khater. Commenting on the 2016 semi-annual financial results, UDC President & Chief Executive Officer Ibrahim Al Othman said: "The results achieved in the first half of 2016 is higher than the budgeted results and reflect the soundness of our strategy. During the first six months of the year, we have focused on reaching out to strategic developers who have shown interest in investing in The Pearl Island. Evidently, our outreach strategy turned successful with the sale of a tower plot in Viva Bahriya precinct, sale of various plots in Giardino Villas as well as the signing of a memorandum of understanding for the sale of one of Abraj Quartiers commercial towers (tower building number 2),of which its execution will enhance the Companys future profitability." Al Othman went on saying: "Meanwhile, we continued focusing on maintaining our recurring revenue, of which volume of residential units leased in the first half of the year 2016 increased by 4% compared to the same period in the year 2015, as well as the volume of retail areas leased in the first half of the year 2016 which increased by 39% compared to the same period last year. It is also worth mentioning that residential units sale volume in the first half of the year 2016 increased by 112% compared to the same period in the year 2015." Established in 1999, UDC was listed on the Qatar Exchange in June 2003. Companies under its umbrella include United Fashion Company, Hospitality Development Company, Ronautica Middle East, Madinainova, United Technology Solutions and The Pearl Owners Corporation among many others. UDCs target areas of interest include: infrastructure and utilities, real estate, hydrocarbon and energy, urban development, environmental-related businesses, hospitality and leisure, fashion, information technology, business and facility management services. (QNA)