Doha, Qatar – United Development Company (UDC) posted a net profit of QR 390 million ($107 million) and revenues of QR 1.8 billion (0.49 billion).
The net profit attributable to equity shareholders stood at QR 388 million ($106.49 million) and basic earnings per share amounted to QR 0.110 ($0.03) with proposed dividends of 5.5 percent, the company said.
“The proposed dividends for the year 2022 are in line with value of the real estate projects that the company is continuing to develop and cash out flow that will be spent on these projects during the year 2023 in accordance with the UDC’s five-year business plan,” UDC Chairman Turki bin Mohammed Al Khater said.
Established in 1999, UDC was first listed on the Qatar Exchange in June 2003. It has an authorized share capital of QR 3.5 billion (0.96 billion) and total assets of QR 20.9 billion ($6 billion) as at December 31, 2022.