UDC Announces 2015 Financial Results

Doha, February 14 (QNA) - United Development Company, a leading Qatari shareholding company, on Sunday announced its financial results for the year 2015, reporting net profit of QR 732.8 million as compared to QR 676.3 million in the 2014, with an increase of 8%, while net profit attributable to owners of the company stood at QR 689.6 million, compared to QR 625.6 in the same period of 2014 with an increase of 10 %. UDC Chairman of the Board of United Development Company, Turki bin Mohammed Khaled Al Khater said: "The financial results for year 2015 reflect positive performance and progress, leading the Company to propose dividend distribution of QR 1.50 per share, which is more than the last year by 20%. 2015 was a year of achievement for UDC and looking forward for the same in year 2016". President & Chief Executive Officer,Ibrahim Jassim Al-Othman, stated that the increase in the Companys net profit is coupled with the increase in the earnings per share. Earnings per share for the year 2015 stood at QR 1.95, with an increase of 10% from the year 2014. Al-Othman stated also that the year 2016 will witness the execution of the Companys strategy focusing on the Companys core activities, while devoted to meet the shareholders expectations. The Board of Directors has decided to hold the ordinary annual general assembly meeting of the Company on Tuesday, March 8, 2016 at Marsa Malaz Kempinski Hotel, Palazzo Ballroom, The Pearl-Qatar. In the absence of a quorum, the alternative meeting will be held on Monday March 14, 2016 in the same place and time. (QNA)