UDC Net Profits Fell 8.4% to QR260 Million for 1^st Half of 2018

July 18, 2018

United Development Company net profit amounted to QR260 million, a decrease of 8.5% compared to QR284 million recorded in the same period last year, while the company’s earnings per share recorded QR0.74 in the first half of 2018, versus QR0.80 in the corresponding period of 2017.

The Group’s Comments:

UDC’s net income declined by 5.8% in the first half of 2018 to settle at QR444.7 million, while income from investments and others increased 25.4% to QR83.8 million. General and administrative expenses and sales decreased by 6.6% to QR152.3 million. Adding losses on the fair value of financial investments of QR31.8 million, and the increase of net financing cost by QR10.5% to QR69.2 million, the result is a decline in the net profit of 8.3% to QR260.4 million in this period. There was little change in the comprehensive income, and with a share price of QR14.07, the P/E ratio recorded a multiple of 8.38.