UDC officials during the Annual General Assembly Meeting held yesterday at the United International School, The Pearl Qatar.
Qatar’s leading public shareholding firm, United Development Company (UDC) has announced that the net profit for the year ended December 2022 has increased by 10 percent to reach an amount of QR390m, while the total revenues came upto QR1.8bn as compared to 2021.
The General Annual Assembly Meeting held yesterday at the United Internation School, The Pearl Qatar, was chaired by H E Turki bin Mohammed Al Khater, UDC Chairman, and was attended by the UDC Board of Directors, representatives of the Ministry of Commerce and Industry, UDC’s external auditors Ernst & Young, and the organisation’s shareholders.
The Board of Directors also approved numerous proposals during the meeting including last year’s performance and financial position by the company, several audit reports, and approving corporate governance reports.
Lauding UDC’s achievements for the 2022 fiscal year, H E Turki bin Mohammed Al Khater, Chairman, UDC said: “The net profit attributable to equity shareholders stood at QR388m with basic earnings per share of QR0.110, which marked an increase of 20 percent compared to 2021”.
Speaking regarding the rising projects and future plans UDC set for the current year, Al Khater said that “The proposed dividends for the year 2022 are in line with the value of the real estate projects that the Company is continuing to develop and cash outflow that will be spent on these projects during the year 2023 in accordance with the UDC’s five-year business plan.”
“For 2023, UDC renews its pledge to shareholders to complete its development projects on The Pearl and Gewan Islands and attract potential investors, buyers, and tenants, and to also play an active role in supporting the Qatari economy and promoting Qatari tourism, the latter increasingly gaining importance in recent times,” he added.
With developing projects in the realty industry, investments, infrastructure, and facilities that are implemented by UDC, the company has emerged as one of the foremost developers in Qatar.
Making note of UDC’s significant feet, UDC President, CEO, and Member of The Board, Ibrahim Jassim Al Othman said that “Despite the multiple challenges, our proactive planning and readiness as well as our steady operational performance, have enabled us to deliver our planned development projects ahead of the World Cup, as well as achieve full visitor capacity.”
