United Development Company Q.P.S.C.
Interim consolidated statement of profit or loss and other comprehensive income for the nine-month period ended 30 September 2024
Nine-month period ended 30 September | |||||
Notes | 2024 | 2023 | |||
(Unaudited) | (Unaudited) | ||||
QR'000 | QR'000 | ||||
Revenue | 1,188,773 | 1,212,117 | |||
Cost of revenue | (750,694) | (825,297) | |||
Gross profit | 438,079 | 386,820 | |||
Dividend income | - | 2,579 | |||
Other operating income | 218,829 | 298,155 | |||
Fair value (loss) / gain on investment securities | (5,191) | 6,077 | |||
Provision for impairment on trade receivables | (9,006) | (9,270) | |||
General and administrative expenses | (243,681) | (240,594) | |||
Sales and marketing expenses | (19,355) | (17,188) | |||
Operating profit | 379,675 | 426,579 | |||
Fair value loss on investment properties | - | (70,000) | |||
Finance income | 68,692 | 79,897 | |||
Finance costs | (203,165) | (196,081) | |||
Net finance costs | (134,473) | (116,184) | |||
Net share of results of associates | (215) | (3,050) | |||
Profit before tax | 244,987 | 237,345 | |||
Income tax | 26 | (3,570) | (7,425) | ||
Net profit for the period | 241,417 | 229,920 | |||
Net profit for the period attributable to: | 241,785 | ||||
Equity holders of the Parent | 230,150 | ||||
Non-controlling interests | (368) | (230) | |||
241,417 | 229,920 | ||||
Earnings per share attributable to equity holders of | |||||
the Parent: | 6 | 0.068 | |||
Basic and diluted earnings per share (QR) | 0.065 | ||||
Other comprehensive income | - | - | |||
Total comprehensive income for the period | 241,417 | 229,920 | |||
Total comprehensive income for the period | |||||
attributable to: | 241,785 | ||||
Equity holders of the Parent | 230,150 | ||||
Non-controlling interests | (368) | (230) | |||
241,417 | 229,920 |
United Development Company Q.P.S.C.
Interim consolidated statement of financial position as at 30 September 2024
Notes | 30 September 2024 | 31 December 2023 | |||
(Unaudited) | (Audited) | ||||
Assets | QR'000 | QR'000 | |||
Non-current assets | 7 | 3,441,818 | |||
Property, plant and equipment | 3,504,202 | ||||
Investment properties | 8 | 10,402,414 | 10,432,175 | ||
Right-of-use assets | 9 | 5,732 | 8,810 | ||
Intangible assets | 10 | 5,853 | 7,105 | ||
Investment in associates and joint venture | 11 | 13,069 | 16,484 | ||
Investment securities | 12 | 57,622 | 62,813 | ||
Accounts and other receivables | 15 | 350,082 | 482,020 | ||
Deferred costs | 14 | 107,115 | 115,621 | ||
Total non-current assets | 14,383,705 | 14,629,230 | |||
Current assets | 13 | 97,839 | |||
Inventories | 97,507 | ||||
Work in progress | 2,569,371 | 1,821,456 | |||
Accounts and other receivables | 15 | 1,224,059 | 1,285,816 | ||
Deferred costs | 14 | 15,187 | 15,123 | ||
Cash and bank balances | 16 | 1,470,913 | 1,726,980 | ||
Total current assets | 5,377,369 | 4,946,882 | |||
Total assets | 19,761,074 | 19,576,112 | |||
Equity and liabilities | |||||
Equity | 17 | 3,540,862 | |||
Share capital | 3,540,862 | ||||
Legal reserve | 1,770,431 | 1,770,431 | |||
Other reserve | 18 | 1,208,727 | 1,208,727 | ||
Retained earnings | 4,827,030 | 4,779,992 | |||
Equity attributable to equity holders of the | 11,347,050 | 11,300,012 | |||
parent | 64,080 | ||||
Non-controlling interests | 65,923 | ||||
Total equity | 11,411,130 | 11,365,935 | |||
Liabilities | |||||
Non-current liabilities | 19 | 4,888,645 | |||
Loans and borrowings | 3,842,429 | ||||
Accounts and other payables | 20 | 271,931 | 125,889 | ||
Retention payable | 21 | 27,399 | 31,080 | ||
Deferred revenue | 22 | 631,997 | 628,980 | ||
Employees' end-of-service benefits | 23 | 54,916 | 59,175 | ||
Lease liabilities | 24 | 5,739 | 7,752 | ||
Total non-current liabilities | 5,880,627 | 4,695,305 | |||
Current liabilities | 19 | 552,261 | |||
Loans and borrowings | 1,305,919 | ||||
Accounts and other payables | 20 | 1,656,420 | 1,962,947 | ||
Retention payable | 21 | 190,638 | 176,663 | ||
Deferred revenue | 22 | 68,985 | 67,227 | ||
Lease liabilities | 24 | 1,013 | 2,116 | ||
Total current liabilities | 2,469,317 | 3,514,872 | |||
Total liabilities | 8,349,944 | 8,210,177 | |||
Total equity and liabilities | 19,761,074 | 19,576,112 |
These interim condensed consolidated financial statements were approved by the Board of Directors and signed on their behalf on 28 October 2024 by:
__________________________________ | _____________________________ |
Ibrahim Jassim Al-Othman | Ahmed Ali Al-Hammadi |
President and Chief Executive Officer | Chairman of the Board |
United Development Company Q.P.S.C.
Interim consolidated statement of changes in equity for the nine-month period ended 30 September 2024
Non- | ||||||||||||||||||
controlling | Total | |||||||||||||||||
Attributable to equity-holders of the parent | interests | equity | ||||||||||||||||
Share | Legal | Other | Retained | |||||||||||||||
capital | reserve | reserve | earnings | Total | ||||||||||||||
QR'000 | QR'000 | QR'000 | QR'000 | QR'000 | QR'000 | QR'000 | ||||||||||||
Balance at 1 | ||||||||||||||||||
January 2023 | 3,540,862 | 1,770,431 | 1,212,049 | 4,582,726 | 11,106,068 | 70,688 | 11,176,756 | |||||||||||
Net profit for the | ||||||||||||||||||
period | - | - | - | 230,150 | 230,150 | (230) | 229,920 | |||||||||||
Other | ||||||||||||||||||
comprehensive | ||||||||||||||||||
income for the | ||||||||||||||||||
period | - | - | - | - | - | - | - | |||||||||||
Dividend | ||||||||||||||||||
(Note 32) | - | - | - | (194,747) | (194,747) | (4,420) | (199,167) | |||||||||||
Balance at 30 | ||||||||||||||||||
September 2023 | ||||||||||||||||||
(Unaudited) | 3,540,862 | 1,770,431 | 1,212,049 | 4,618,129 | 11,141,471 | 66,038 | 11,207,509 | |||||||||||
Balance at 1 | ||||||||||||||||||
January 2024 | 3,540,862 | 1,770,431 | 1,208,727 | 4,779,992 | 11,300,012 | 65,923 | 11,365,935 | |||||||||||
Net profit for the | ||||||||||||||||||
period | - | - | - | 241,785 | 241,785 | (368) | 241,417 | |||||||||||
Other | ||||||||||||||||||
comprehensive | ||||||||||||||||||
income for the | ||||||||||||||||||
period | - | - | - | - | - | - | - | |||||||||||
Dividend (Note | ||||||||||||||||||
32) | - | - | - | (194,747) | (194,747) | (1,475) | (196,222) | |||||||||||
Balance at 30 | ||||||||||||||||||
September 2024 | ||||||||||||||||||
(Unaudited) | 3,540,862 | 1,770,431 | 1,208,727 | 4,827,030 | 11,347,050 | 64,080 | 11,411,130 | |||||||||||