Mubasher: United Development Company (UDC) reported a 13.3% year-on-year profit increase for the fourth quarter of 2018.

UDC’s profits amounted to QAR 116.1 million ($32.1 million) in Q4-18, compared to QAR 102.5 million ($28.39 million) in Q4-17, according to the Qatar-based firm’s statement to the Qatar Stock Exchange (QSE) on Wednesday.

For the fiscal year 2018, UDC posted a 6.9% profit decline, registering QAR 500.8 million, compared to QAR 538.4 million in 2017.

The annual profit drop was due to the 19.7% decrease in UDC’s revenues which reached QAR 1.63 billion, from QAR 203 billion in 2017.

Meanwhile, earnings per share (EPS) amounted to QAR 1.41 for the period ended 31 December 2018, against QAR 1.52 for the same period in the prior year.

The Qatari firm’s board of directors proposed distributing cash dividends of 10% of the share’s nominal value, or QAR 1 per share.

During the first nine months of 2018, UDC’s profits fell 12.04% to QAR 384.7 million, from QAR 437.3 million for the corresponding period in 2017.

UDC’s stock rose 0.18% to close at QAR 16.73 on Wednesday after nearly 683,100 shares were traded at a turnover of QAR 11.4 million.