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United Development Company (UDC) will begin to implement several projects as part of its business plan this year, which include two key residential towers, company chairman Turki Mohammed al-Khater has said.
Addressing UDC shareholders at their annual ordinary general assembly meeting at Marsa Malaz Kempinski Hotel, at The Pearl-Qatar he said the projects included the development of two residential towers at ‘Viva Bahriya’ and development of the ‘Giardino Villas’ area. Besides, UDC will “contribute to the development” of The Pearl Sea Resort and upgrading and the Pearl-Qatar infrastructure in line with the current and future requirements.
Al-Khater said, “UDC net profit increased by 8% to QR732.8mn compared to 2014, while the net profit attributable to owners of the company stood at QR689.6mn, with an increase of 10% 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 said, “The financial results for year 2015 reflect the positive performance and progress, leading the company to propose dividend distribution of QR1.50 a share, which is more than the last year by 20%. 2015 was a year of achievement for UDC and we are looking forward for the same in 2016”.
UDC president and chief executive officer Ibrahim Jassim al-Othman said the growth in the company’s net profit was “coupled with the positive increase” in earnings per share.
The earnings per share for 2015 increased by 10% than the previous year reaching QR1.95 a share.
He also added that 2015 witnessed the issuance of the company’s amended Organisation Structure leading to optimising cost that are necessary to carry out the its commercial operations.
Al-Othman stated that 2016 would witness the execution of the company’s strategy, whose main objectives were to concentrate on the core commercial activities and maintain appropriate level of recurring revenues in a way to meet the shareholders expectations.
The annual ordinary general assembly meeting chaired by al-Khater was attended by the company’s board of directors among others.
UDC’s new board of directors
The following have been elected to the UDC board of directors for 2016-18: 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.
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