United Development Company Net Profit Drops to QR385 Million in Q3 2018

October 18, 2018

United Development Company (UDC) net profit amounted to QR385 million, a drop of 11.6% compared to QR436 million for the same period last year, while the company’s earnings per share reached QR1.09, versus QR1.23 for the same period last year.

The Group’s Comments:

UDC profit declined 9.8% to QR622.8 million, while other income increased by 40.5% to QR134 million. The company’s general expenses and marketing increased by 2% to QR222.7 million, and its net financing cost climbed by 4.6% to QR102.5 million. As a result, the net profit attributable to shareholders decreased by 11.7% to QR384.7 million.