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(The Group’s Comment) UDC Net Profit Down
6.8% to QR501 Million in 2018
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Profits:
UDC’s profits, after minority interests, amounted to QR500.8 million
in 2018, compared to QR538.4 million in 2017, a decline of 6.98%
despite the increase in the profits of the fourth quarter of
last year by 13.3% compared to the same period of 2017. The
company’s earnings per share for 2018 stood at QR1.41, versus
QR1.52 in the previous year of 2017.
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Comprehensive income: The total comprehensive income for the year 2018 amounted to about
QR552.39 million. The company realized profits QR7.8 million
from change in its reserves in 2018.
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Revenues: Revenues decreased by 19.9%, or a drop of QR404.4 million, at the
end of 2018 to reach QR 1,627.4 million, compared to QR 2,031.9
million in 2017. The drop in revenues and losses of investment
valuation at fair value of QR23.0 million were direct causes of
the decline in profits.
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Dividends: The Board of Directors recommended the General Assembly to
distribute 10% (6.40% dividend yield) of the nominal value of
capital as cash dividends for the year 2018, compared to
dividends of 12.5% in 2017.
UDC’s stock
trades currently at a PE multiple of 11.06 times and a book
value multiple of 0.51 times.
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