UDC Net Profit Down 13.5% to QR539 Million; Board Recommends 12.5% Cash Dividends

February 8, 2018

United Development Company (UDC) disclosed its financial statements for the year ended December 31, 2017, with a net profit of QR538 million, a drop of 13.5%, compared to QR623 million in the previous year.

UDC’s earnings per share recorded QR1.52 for the fiscal year of 2017, compared to QR1.76 from 2016.

The Company’s Board of Directors decided on the agenda of the Ordinary General Assembly Meeting for the fiscal year 2017, which will be held on 21 March 2018 at 4:30 pm. In the event of a lack of quorum, the meeting will rescheduled to 28 March 2018 at the Palazzo Ballroom, Marsa Malaz Kempinski Hotel. The Board also recommended the distribution of 12.5% of the nominal value of the share in cash dividends, a total sum of QR442,608 or QR1.25 per share.