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 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.

Also, United Development Company Board of Directors has resolved that the Agenda of the Annual General Assembly meeting and Extraordinary meeting which are both will be held on 28 February 2012 to be as follows:

Annual General Assembly Meeting

1)     Hearing the Board of Director’s report on the Company’s activities and its financial position for the financial year ending 31st December 2011 and the future plan of the Company.

2)    Hearing the Auditor’s report on the Company’s Accounts for the financial year ending 31st December 2011.

3)    Approving the Company’s Balance Sheet and the Profit and Loss Accounts for the financial year ending 31st December 2011 and deciding on the recommendation of the Board of Directors regarding the dividends.

4)     To release from liability Members of the Board of Directors for the financial year ending 31st December 2011 and determination of their remuneration.

5)    Corporate Governance Report 2011.

6)     Appointing the External Auditors for the financial year 2012 and fixing their remuneration.

Extraordinary General Meeting

1.     Recommending to the Extraordinary General Assembly 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.

2.     Recommending to the Extraordinary General Assembly 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).

3.     Recommending to the Extraordinary General Assembly 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).