UDC holds ordinary and extraordinary general assembly meetings; approve dividend distribution

UDC holds ordinary and extraordinary general assembly meetings; approve dividend distribution

United Development Company (UDC) held its ordinary and extraordinary general assembly meetings virtually, which were chaired by Turki bin Mohamed al-Khater, UDC chairman.

During the ordinary meeting, the assembly approved the distribution of cash dividends of QR194,747mn, equivalent to 5.5% of share par value, as well as UDC’s financial statements for 2021.

The extraordinary general assembly meeting approved the proposed amendment of the Company’s Articles of Association to comply with Company Law Amendments mentioned in Law No (8) for the year 2021.

Al-Khater said, “The company has achieved a net profit of QR356mn and total revenues of QR2bn. The net profit attributable to equity shareholders stood at QR326mn with basic earnings per share of QR.092.

“Our unwavering commitment to project delivery and future project developments has underlined our sustainable financial results for 2021. In line with our business plan to create new opportunities and revenue sources over the long term, UDC increased its ownership in Qatar Cool to 91.06%, which enhances our investment portfolio, in addition to our ongoing development activities at The Pearl and Gewan Islands which cover vital residential and commercial projects.”

Al-Khater further said: “These developments deliver more than just premium residential properties, but also malls, hospitality and