United Development Co.net profit surges 8pc to $201m

15/02/2016 07:49 AST

Qatar-based United Development Company has reported a net profit of QR732.8 million ($201 million) for 2015, up eight per cent over QR676.3 million ($186 million) the year before.

Announcing the results, the Qatari developer said the net profit attributable to owners of the company surged 10 per cent to QR689.6 million ($189 million) from QR625.6 million ($171.5 million) the previous year.

UDC board chairman Turki bin Mohammed Khaled Al Khater said 2015 was a year of achievement for UDC and he was looking forward for the same this year.

"The results 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 per cent," he noted.

Ibrahim Jassim Al Othman, the president and chief executive, said the increase in the company’s net profit was coupled with the increase in the earnings per share which stood at QR1.95, up 10 per cent from 2014.

Tthe year 2016 will witness the execution of the company’s strategy focusing on its core activities, while devoted to meet the shareholders’ expectations, he added.


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