By Islam Salem
Doha-Mubasher: United Development Co.'s (UDCD) general meeting on Tuesday approved the board's recommendation on paying cash dividends at 15% of capital, or QAR 1.5 a share.
Shareholders also endorsed the balance sheet and profit/loss statement for the fiscal year ended 31 December 2015, in addition to appointing an auditor for 2016.
UDCD posted earnings of QAR 689.6 million ($189.38 million) for 2015, a rise of 10.2% over QAR 625.7 million ($171.83 million) a year earlier.
CEO Ibrahim Al-Othman said FY15 earnings were driven by the initiatives of promoting the real estate development sector, noting that his company has mapped out a five-year plan for the Pearl Island.
On the sidelines of the meeting, Al-Othman told reporters that UDCD will focus on accelerating the pace of works and rental operations, especially in the Medina Central project, in addition to leasing more housing units in 2016.
Translated by Abdul Maguid Aboshahla
