United Development Reports QR 3.7 Billion in Net Profit

Doha, January 26 (QNA) - United Development Company (UDC) has disclosed the audited financial statements for the year ended December 31, 2011. The audited financials revealed a net profit of QR 3.7 Billion in 2011 versus QR 597 Million in 2010, the UDC said in a press release on the (Qatar Exchange) website. The company s EPS amounted to QR 23.29 in 2011 compared to QR 3.71 in 2010. The Board of Directors has also decided to submit a proposal to Extraordinary General Assembly, to ratify a proposal for distribution of bonus shares to its shareholders at 40% of the present capital i.e 4 bonus shares for each 10 shares. The Annual General Assembly meeting and Extraordinary meeting will be held on 28 February 2012. The Extraordinary General meeting will recommend to distribute 64,350,000 shares as bonus shares at the rate of 4 shares for each ten shares (%40 of the capital) and thus increase the capital of the Company QR 2,252,250,000 and amend the Memorandum and Articles of Association accordingly. The meeting will recommend to have The Pension and Social Insurance Authority as strategic shareholder through increasing the company's capital by 80 Million shares, offered at 20 Qatari Riyals (10 Qatari Riyals par value, plus a premium of 10 Qatari Riyals). The meeting will also recommend to amend Article (8) of the Articles of Association by removing the following: (No natural or corporate person is allowed to own more than %10 of the total shares). Founded in 1999, the United Development Company (UDC) is one of Qatar s leading private sector shareholding companies, listed on the Qatar Exchange in 2003. The UDC s mission is to identify and invest in long-term projects contributing to Qatar s growth and providing good shareholder value. (QNA)