February 23, 2010

UDC General Assembly Meeting Approves 2009 Strong Financial Results

  

UDC General Assembly Meeting Approves 2009 Strong Financial Results

UDC to direct 2009 profits into diversified investments in support of its growing strategy

Doha, Qatar – 23 February, 2010: United Development Company (UDC), one of Qatar's leading public shareholding companies, held its Ordinary Annual General Meeting (AGM) on Tuesday, February 23, 2010 at 6:30 PM. The meeting was held at UDC’s flagship development, The Pearl-Qatar.

The quorum was met in the presence of the majority of shareholders who approved the annual report and the 2009 financial results

All motions proposed by the Board of Directors were adopted as follows:

  1. Board of Director’s report on the company’s activities and its financial position for the financial year ending 31st December 2009.
  2. Auditor’s report on the company’s accounts for the financial year ending 31 December 2009.
  3. Distribution of bonus shares at 2.5 shares for every 10 shares held.
  4. Release from liability members of the Board of Directors for the financial year ending 31st December 2009 and determination of their remuneration.
  5. Appointment of KPMG as external auditor for the financial year 2010 and approval of the auditor’s fees.
  6. Approval of the Company’s balance sheet and the profit and loss accounts for the financial year ending 31st December 2009 and deciding on the recommendation of the Board of Directors regarding the dividends.
  7. Reelection of the current members of the Board of Directors.


The meeting was called to order by Hussein Al-Fardan, UDC Chairman who said:

“Starting the latter part of 2008 and continuing well into 2009, the entire world witnessed the most serious economic turmoil since The Great Depression. Despite all that, our performance and achievements continued to advance in business and financial terms through the efforts and dedication of our employees and associates, through our unyielding focus on transparency and responsible governance and above all through the inspiration, guidance and encouragement of His Highness Sheikh Hamad Bin Khalifa Al Thani, the Emir of Qatar. It is upon consideration of how we have realized all of this that we recognize the true extent of our potential in the decade ahead.”

“2009 has seen our appetite for innovation and opportunity undiminished. Our results have been outstanding and speak for themselves,” said Khalil Sholy, UDC’s Managing Director and President. “2009 has been a year of solid performance across the UDC portfolio of projects and operations. Revenues for 2009 have exceeded QR1.492 billion, a 41% year on year increase, and our net profit and earnings per share have similarly improved, by 73% and 62% to QR515 million and QR4.71 respectively.”

“We added value to all points on the chain of UDC’s businesses and extended our interests into marketing and communication, facilities management, business and IT services and insurance. In every case we integrate these new capabilities across our entire operational base, and create an environment where the enterprise as a whole can leverage the insights and skills they add.

“We continue the pursuing of our regional expansion strategy and the development of business opportunities in industries as diverse as urban development, petrochemicals, business services, fashion, hospitality, insurance, technology and marketing and communication.

“Events in the global economy have served to further highlight how transparency and good governance lie at the heart of sustainable business growth. In 2010, we start the new year with a strong backlog and will keep a close eye on developments, and will spare no efforts to build upon our continued success, said Sholy”

Sholy confirmed that for the coming year, UDC will continue the consolidation of the Company’s financial strength, to capitalize on its resilient strategy of diversification in services, acquisitions, of up-and-coming businesses, and in foreign and regional expansion. “The aim,” he said, “remains focused on long-term, measured and healthy growth, high levels of liquidity, strong asset quality and the maximization of shareholders’ value; coupled with short-term ability to deal with the challenges paused by the global economic slowdown, competition, and the unlimited potential we have to open service-oriented businesses and lifestyle destinations at our flagship development, The Pearl – Qatar.”

2009 celebrates a decade of remarkable achievements by UDC and the following are some of the milestones recorded throughout the past year:

  • The Pearl-Qatar continues to attract unprecedented interest from buyers and investors from all over the world, including international celebrities. The Pearl-Qatar community continues to increase as more residents move into their new homes, and restaurants and international retail outlets make their home at Porto Arabia. It remains an international magnate drawing attention and specialized visits by presidents, prime ministers and dignitaries from all over the world. -
  • Early 2009, UDC established GEKKO, a joint venture with Commercial Bank of Qatar: whose primary objective is to design and implement financial and non-financial ‘smart’ solutions and to be at the forefront of high-tech payment systems, providing new levels of increased convenience to both businesses and individuals. In addition to its focus on the Qatar and GCC markets, GEKKO will be building a portfolio that will extend globally.
  • PRAGMATECH was established in the second quarter of 2009 as a wholly owned UDC subsidiary with a focus on creating and delivering innovative information technologies services for UDC, its subsidiaries and regional business according to international standards. PRAGMATECH also signed an exclusive agreement with a UK-based graphic web application developer granting it exclusive MENA-wide rights to market and sell the application, designed to facilitate construction site management throughout the building phases of a project. The first of PRAGMATECH’s innovative and ground-breaking solutions will be released in 2010.
  • In 2009, SCOOP , which was established as a wholly owned UDC subsidiary in the last quarter of 2008, fine-tuned its business plan, scouting for a joint venture partners to spearhead its Out-of-Home media operations. To that end, the Company commissioned two international media designers to develop and implement tailor-made indoor and outdoor media networks for exclusive use at The Pearl-Qatar. Its Out-of-Home media presence is now fully operational and is continuing to attract interest from UDC’s subsidiaries on the Island.
  • Middle East Dredging Company (MEDCO) , a UDC joint-venture completed in 2009 the first two phases for the Qatar Bahrain Causeway. In the same year, the company submitted a bid with an international consortium for the first phase of the mega scale New Doha Port Project, which would include the construction of marine basins, quay walls and major breakwater revetment protection. All projects for Al Marjan Island in Ras Al Khaima were completed in 2009, plus the first two phases for Al Dana Island. In Abu Dhabi, major project development for Al Raha Beach is now complete. In addition, MEDCO began working on UAE’s Ruwais Refinery expansion project. Subcontracted projects for Khalifa Port and construction on Ras Ghanada channel extension and Al Sadr to Al Taweela dredging and reclamation works are nearing completion.
  • United Fashion Company (UFC) a fully owned subsidiary of UDC launched the opening of a series of luxury brand stores on The Pearl-Qatar, some of which are the first in the region including lavish menswear Stefano Ricci, and high-end unisex brand, Gianfranco Ferré. In the successive months, UFC opened Harmont & Blaine, Domenico Vacca, Missoni, Santoni, Renè Caovilla and Georg Jensen with more contracts signed for 2010 in addition to stand-alone boutiques, which will also be unveiled.
  • Hospitality Development Company (HDC) a wholly owned hospitality subsidiary of UDC opened in 2009 Chocolate Bar and Burj Al Hamam at The Pearl-Qatar and Bistro 61 at Al Fardan Towers in Doha’s West Bay. In 2010, HDC will bring to The Pearl-Qatar more international culinary tastes as well as fusion gastronomy concepts. HDC has also facilitated a management agreement with Nikki Beach Hotels and Resorts EMEA, one of the world’s renowned names in lifestyle and entertainment, to bring the brand to The Pearl-Qatar.
  • Qatar Cool, a UDC joint-venture, started operations at The Pearl – Qatar as the world’s largest district cooling plant. Qatar Cool further received two awards from US-based International District Energy Association (IDEA) at their 100th Annual Conference and Trade Show in 2009. The company also picked up the District Energy Space Bronze Award for its growing client base.
  • In 2009 SEEF , a UDC and Qatar Petroleum joint-venture added new markets, supplying products to North and South American companies. Additionally, it introduced CIF sales recently to augment its FOB sales. The Company aims in 2010 to increase its presence in international markets by developing sustainable business relationships with multinational detergent manufacturing companies.
  • Ronautica, Middle East became a fully owned UDC subsidiary in 2009, boasting a wide expertise in marina products and services that aim to benefit the company’s regional boat dealers, while simultaneously drawing attention to The Pearl-Qatar’s spectacular waterfront living environment. Stunning Silver Zwei, the longest all-aluminum yacht in the world, was one of the first yachts to berth at the region’s largest 800-berth marina at The Pearl-Qatar’s Porto Arabia.





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