UDC reports Q3 net profit of QR454m

United Development Company (UDC) reported a net profit of QR454m for the third quarter (Q3) of 2010, an 11 percent increase compared with Q3 2009. Total assets rose to QR10.5bn, showing 18 percent increase compared with December 31, 2009.

UDC Chairman Hussein Al Fardan attributed the company’s financial performance and continued success to strong management and a clear vision of what can be achieved as a result of Qatar’s economic stability.

He noted that these results show that UDC growth is performing well against overall economic growth in the Qatar economy. “Qatar GDP is currently growing at a rate of 20 percent and IMF forecasts predict it will grow between 19-21 percent in 2011,” he said.

The company’s earnings per share reached QR3.31 for the nine months of 2010, and also reported gross profit of QR 392m. Khalil Sholy, Managing Director and President of UDC, said: “We believe continued investment is extremely important, even in times of global economic slowdown and re-alignment. By maintaining our focus on delivering high quality products and services across the group we have been able to deliver growth despite the challenging times.”

Sholy pointed to several notable achievements for UDC this year. He said UDC EPS was up 10 percent year on year and that the company plans for the issuance of five year convertible bond in 2011 to raise further funding for subsidiary companies

Continued handed over of completed projects by developers at The Pearl-Qatar as the number of residents in Porto Arabia now exceeds 1,500 said Sholy. He added that UDC is confident that its business strategy is sound.