(The Group’s Comment):  United Development Company (UDCD) Net Profits Decreased By 17% to QAR 319 million in the 3^rd. Quarter 2019

Ø  Profits: The profits for the 9 months ending 30 September 2019 decreased by 17.1% and amounted QAR 318.9 million compared to QAR 384.7 million. Earnings per share amounted QAR 0.09 versus QAR 0.109 for the same period 2018. Concerning the 3^rd. quarter profits, it has amounted QAR 94.3 million versus QAR 124.3 million approximately for the same period 2018.

Ø  Operational profits: amounted to QAR 418.7 million compared to QAR  513.9 million for the 9 months of 2018 with a decline percentage of 18.5% or the following reasons:

-       Decline of the total profit (revenues – cost of revenues) by an amount QAR 60.9 million to reach QAR 567.9 million as a result of the increase of costs by a percentage higher than the increase in revenues, an issue that influenced the profitability margins.

-       The decline of other operational revenues item by QAR 56 million a percentage of 48% (No relevant clarification is found).

-       The existence of non-operational profits for the same period of 2018 of QAR 10.1 million pertaining to the sale of financial investments and not repeated for this period of the year.

In contrast, the costs of financing has decreased by approximately QAR 12 million while the company achieved assessment profits of its investments amounted QAR 2 million versus a loss of 24.3 million.