(The Group’s Comments) UDC Net Profit Drops
to QR 170.6 Million in Q1 2019
(Excluding Minority Interests)
April 25, 2019
Profits:
United Development Company’s (UDC) profits fell by 20.5% to QR
170.6 million in the first quarter of 2019 (excluding minority
interests), compared to QR 214.5 million for the same quarter of
2018, while its earnings per share amounted to QR 0.48 versus QR
0.61.
Revenues:
UDC’s revenues remained stable at QR 530.1 million by the end of
the first quarter of 2019, compared to QR 528.8 million in the
same quarter of the previous year. Revenue costs on the other
hand increased by QR 29.2 million or 12%, resulting in a
decrease in profit margins. The gross profit (revenues - costs)
amounted to QR 261.8 million in this past quarter, versus
QR289.5 million in the same quarter of 2018. Other revenues also
decreased from QR 37.6 million to QR 14.3 million for the
corresponding period of 2018. It should be noted that the first
quarter results of 2018 included non-recurring profits of QR 11
million (from the sale of financial investments), the previous
factors led to a decline in profits despite the decrease of
administrative and general expenses by about QR 16 million.
Comprehensive Income: UDC does not have any investments that appeared
in the statement of the comprehensive income for the first
quarter compared to a loss of about QR 502,000 for the same
period last year.
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