09/03/2016 08:28 AST
United Development Company (UDC) held its Annual General Meeting (AGM) yesterday and approved the Board’s recommendation to distribute about QR531.13m as dividends to shareholders. The approved dividend is equivalent to 15 percent of the par value for QR1.5 per share, which is 20 percent higher compared to previous year.
The AGM, held at Marsa Malaz Kempinski Hotel, The Pearl-Qatar ,was chaired by Turki bin Mohammed Khaled Al Khater, the Chairman of the UDC’s Board of Directors. Addressing the AGM, Al Khater said: “Net profit increased by 8 percent to QR732.8m, compared to 2014, while the net profit attributable to owners of the Company stood at QR689.6m, with an increase of 10 percent compared to 2014.”
“By implementing our commitment to growth strategy and focus on core business, we have succeeded in 2015, in pursuing opportunities which drive business development in diverse and vital industries,” Al Khater added. “The financial results for year 2015 reflect the positive performance and progress, leading the Company to propose dividend distribution of QR1.50 per share, which is more than the last year by 20 percent. 2015 was a year of achievement for UDC and looking forward for the same in year 2016.”
The UDC’s business plan includes several projects, which the Company will begin to implement during 2016 and the coming years, leading to the achievement of future goals, prosperity and ambition. Among these projects are the development of two residential towers in ‘Viva Bahriya’ and development of ‘Giardino Villas’ area, as well as contributing to the development of The Pearl Sea Resort and upgrading The Pearl-Qatar infrastructure in line with the current and future requirements, Al Khater said.
The AGM approved all the articles on the agenda of the meeting and also elected the members of the new Board of Directors of UDC for three consecutive years (2016-2017-2018), which include Abdullah Ali Al Abdullah, Turki Mohammed Khalid Al Khater, Dr Thani Abdul Rahman Shahin Al Sheikh Al Kuwari, Abdul Rahman Abdullah Abdul Ghani Nasser Al Ghani, Ali Hussein Ibrahim Al Fardan, Nawaf Ibrahim Hamad Al Manna, Abdul Aziz Mohammed Hamad Abdullah Al Mana, Colonel Nasser Hamad Ali Al Yousef Al Sulaiti and Abdul Rahman Saad Zaid Alsitri.
On his part, Ibrahim Jassim Al Othman, President and CEO of UDC said that the growth in the Company’s net profit is coupled with the positive increase in earnings per share. Earnings per share for the year increased by 10 percent than last year reaching to QR1.95 per share. He also added that 2015 witnessed the issuance of the Company’s amended Organization Structure leading to optimising cost that are necessary to carry out the Company’s commercial operations.
The year 2016 will witness the execution of the strategy, of which main objectives are to concentrate on the core commercial activities and maintain appropriate level of recurring revenues in a way to meet the shareholders expectations, he said.
The Peninsula
Please wait...
