BY MOHAMMAD SHOEB
DOHA: Faced with a pointy decrease in a company’s profitability during a finish of 2013, United Development Company (UDC), a master developer of The Pearl Qatar (TPQ), is looking brazen to deposit in new projects outward TPQ to safeguard improved formula for a investors of a association in future, Turki Mohamed Khaled Al Khater, Chairman of UDC pronounced yesterday.
“Although there is zero petrify so far, though we are negotiating with a supervision to go over a bounds of The Pearl, substantially in Lusail City or some other supervision projects to support a business,” pronounced Al Khater.
Al Khater, while vocalization with The Peninsula on a sidelines of a company’s Annual General Meeting, that witnessed a lot of rancour from a shareholders who were visibly dissapoint with a company’s opening in 2013. He said: “The concerns lifted by a shareholders are legitimate. We have some of a sister companies such as Qatar Cool and others who can work outward TPQ to contest with other companies (in terms of returns) to support UDC and have improved formula ahead.”
“We are also in traffic with some large developers and investors in a nation to deposit in TPQ. Qatar Cool is in a routine of finalising a understanding to yield ‘District Cooling’ services in a arriving Lusail City, that will yield large support to UDC.”
The AGM authorized 10 percent money division (QR1 per share), in further to 5 percent reward shares, and also a other resolutions endorsed by a board.
Asked about a hurdles faced by a desirous TPQ project, he said: “There is zero wrong with TPQ project. We are awaiting to finish it over a subsequent four-five years. Some developers have had problems, and unsuccessful to exercise deadlines in constructing properties, and we are operative to residence those issues. However, we are legally certified to take behind these pieces of lands, that we can possibly resale or rise on a own.”
Total income of UDC in 2013 amounted to QR2.081bn. Net distinction for a year finale Dec 31, 2013 reached QR409m, while a net distinction attributable to owners of a association stood during QR323m.
Although a association achieved good in a initial 9 months of a year and posted a net distinction of QR229m for Q1 2013, adult 16 percent compared to QR196.8m for Q1 in 2012, that eventually increasing to QR577.9m for Q3 2013, though by a finish of a year a profitability declined due to waste incurred in a abroad operations.
According to Al Khater, a auxiliary of UDC suffered a outrageous detriment of over QR268m in one of a abroad projects in a UAE, that caused a pointy decrease in dividends. The Peninsula