UDC Net Profit Down 13.5% to QR539 Million; EPS Records QR1.52

February 8, 2018

United Development Company net profit dropped to about QR538 million in 2017, compared to a net profit of QR623 million for the same period in 2016. The Company’s earnings per share also dropped to QR1.52, compared to QR1.76 from the previous year. UDC’s Board recommended distributing QR1.25 cash dividends.

The Group’s Comments

United Development Company’s direct profit from operations dropped by 7.2% to QR966.3 million, while its revenues fell slightly to QR135.7 million, and all expenses dropped by 8.3% to QR372.7 million. Taking into consideration other items, particularly the increase in net financing expenses by 51.3% to QR130.3 million, the net profit attributable to shareholders fell by 13.6% to QR538.4 million. UDC recorded a profit of QR81.7 million from the revaluation of property and equipment, as a result the total income attributable to shareholders increased to QR633.5 million.