Posted on March 10, 2015

United Development Company (UDC), a leading Qatari shareholding company and master developer of The Pearl-Qatar, held its Annual Ordinary General Assembly Meeting (AGM) on Monday, March 9, 2015 at 6:30 PM. The meeting was held at Al Gassar Resort in West Bay.

The quorum was met in the presence of the majority of shareholders who approved the annual report and the 2014 financial results. During the Ordinary General Meeting, all motions proposed by the Board of Directors were adopted with respect to:

  • Board of Directors’ report on the Company’s activities and its financial position for the financial year ending December 31, 2014
  • Auditor’s report on the Company’s accounts for the financial year ending December 31, 2014
  • Approval of the Company’s balance sheet and the profit and loss accounts for the financial year ending December 31, 2014, and recommending the Board of Directors regarding the distribution of QR 442,607,813 based on 12.5% of the share’s par value (equivalent to QR 1.25 per share) as cash dividends for the period ending December 31, 2014
  • The General Assembly released from liability all members of the Board of Directors for the financial year ending December 31, 2014 and determined their remuneration
  • The General Assembly appointed Ernst & Young as External Auditors for the financial year 2015 and approved their fees.

United Development Company shareholders 2 [].jpgThe meeting was called to order by Turki Al-Khater, UDC Chairman and Managing Director who gave a comprehensive overview of the Company’s activities and financial results for 2014 along with the Company's business plan for the year 2015. “UDC has continued the streak of successes through 2014, where the total profit increased by 29.8% to reach QR 1.1 billion and net profit also climbed by 65.4% to QR 676 million despite the fact we have increased spending on research and development for promising projects that carry a huge potential for the future,” Al-Khater said.

“The successes UDC has been able to achieve over the past twelve months vindicate the commitment to innovation and opportunistic investment that was applied throughout 2014,” added the UDC Chairman and Managing Director. “Our strategic plan calls for each of our major businesses to contribute to our future success, and our Company-wide strategy is focused on creating partnerships, achieving growth and minimizing risks. This strategy provides UDC with a stronger profile going forward.”

UDC had announced earlier last month its financial results for the year 2014, reporting revenue of QR 1.9 billion for the year 2014. The Company had proposed a dividend payout of QR 1.25 per share. While net profit for the year ending December 31, 2014 reached QR 676 million as compared to QR 409 million in 2013, the profit attributable to equity holders of the Company stood at QR 626 million at December 31, 2014, compared to QR 323 million for the same period in 2013. UDC also reported a gross profit of QR 1.1 billion, while total assets stood at QR 19.2 billion.

United Development Company shareholders 3 [].jpgAccording to Al-Khater, the financial results for 2014 reflect solid performance and confirm UDC’s continuing commitment to consolidating the financial robustness of the Company in 2014 and in the years ahead. “2014 was a year of significant achievement for UDC. We confirmed our growth potential, increasing net profit by over QR 267 million from 2013, launched new precincts at The Pearl-Qatar and opened an impressive range of retail, hospitality and entertainment projects.”

Established in 2000, UDC was listed on the Qatar Exchange in June 2003. Companies under its umbrella include United Fashion Company, Hospitality Development Company and Ronautica Middle East, among many others. Companies established most recently under the umbrella of United Development Company include Madinainova, United Technology Solutions and The Pearl Owners Corporation.