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FINANCIAL NEWS
Qatar’s United Development posts 32% rise in 2012 profits
08 Feb 2013
(MENAFN) Qatar’s United Development Company (UDC) announced that net profits for 2012 jumped by 32 percent from a year earlier to USD233.28 million, reported The Peninsula.
The firm, which invests in infrastructure, real estate, urban development, utilities, hospitality, retail and other service oriented businesses, said that revenue for the period grew to USD749 million, from USD524 million.
Excluding revaluation gain on investment properties, profit attributable to owners of the United Development stood at USD200.35 million.
Meanwhile, gross profit reached USD296 million, up from USD214.89 million for 2011.
It is worth noting that total assets rose to USD5.34 billion, compared with USD5.22 billion in 2011.
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