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FINANCIAL NEWS
Qatar’s UDC reports 35% increase in Q1 profits
22 Apr 2012
(MENAFN) United Development Company (UDC), the developer behind the Pearl-Qatar project, reported a 35 percent increase in quarterly profits, Arabian Business reported.
The company said it made a USD54.02 million net profit in the first quarter, while total assets increased eight percent to USD5.6 billion.
Chairman Hussein Alfardan said that this year will see the first residents move into The Pearl-Qatar’s Venice-like community of Qanat Quartier.
He also praised the opening of new outlets on the Pearl-Qatar which currently houses more than 5,000 residents.
The developer reported a net profit of USD1.04 billion net profit for 2011, up from USD169.4 million in 2010.
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