United Development Company Q.P.S.C.
Interim condensed consolidated financial statements as at and for the period ended 30 September 2022
United Development Company Q.P.S.C.
Interim condensed consolidated financial statements as at and for the period ended 30 September 2022
Contents | Page |
Interim consolidated statement of profit or loss and other comprehensive income | 1 |
Interim consolidated statement of financial position | 2 |
Interim consolidated statement of changes in equity | 3 |
Interim consolidated statement of cash flows | 4 |
Notes to the interim condensed consolidated financial statements | 5 - 16 |
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 2022
Nine-month period ended 30 September | ||||
2022 | 2021 | |||
Note | (Unaudited) | (Unaudited) | ||
QR'000 | QR'000 | |||
Revenue | 1,237,756 | 1,615,422 | ||
Cost of revenue | (780,209) | (1,174,445) | ||
Gross profit | 457,547 | 440,977 | ||
Dividend income | 38 | 984 | ||
Other operating income | 44,160 | 40,398 | ||
Fair value gain on investment securities | 1,713 | 119 | ||
(Provision for) / reversal of impairment on trade receivables | (5,357) | 4,669 | ||
General and administrative expenses | (192,611) | (211,842) | ||
Sales and marketing expenses | (24,911) | (7,362) | ||
Operating profit | 280,579 | 267,943 | ||
Finance income | 46,407 | 55,128 | ||
Finance costs | (104,205) | (87,865) | ||
Net finance costs | (57,798) | (32,737) | ||
Net share of results of associates | (3,038) | 488 | ||
Profit before tax | 219,743 | 235,694 | ||
Income tax | 26 | (2,746) | (28,818) | |
Net profit for the period | 216,997 | 206,876 | ||
Net profit for the period attributable to: | 208,544 | |||
Equity holders of the Parent | 179,269 | |||
Non-controlling interests | 8,453 | 27,607 | ||
216,997 | 206,876 | |||
Earnings per share attributable to equity holders | ||||
of the Parent: | 6 | 0.059 | ||
Basic and diluted earnings per share (QR) | 0.051 | |||
Other comprehensive income | - | - | ||
Total comprehensive income for the period | 216,997 | 206,876 | ||
Total comprehensive income for the period attributable to: | 208,544 | |||
Equity holders of the Parent | 179,269 | |||
Non-controlling interests | 8,453 | 27,607 | ||
216,997 | 206,876 |
The attached notes from 1 to 32 form part of these interim condensed consolidated financial statements. 1
United Development Company Q.P.S.C.
Interim consolidated statement of financial position as at 30 September 2022
Note | 30 September 2022 | 31 December 2021 | |||
(Unaudited) | (Audited) | ||||
Assets | QR'000 | QR'000 | |||
Non-current assets | 7 | 3,098,376 | |||
Property, plant and equipment | 3,050,943 | ||||
Investment properties | 8 | 9,896,382 | 9,822,212 | ||
Right-of-use assets | 9 | 10,559 | 11,698 | ||
Intangible assets | 10 | 3,292 | 2,498 | ||
Investment in associates | 11 | 30,116 | 37,954 | ||
Investment securities | 12 | 51,536 | 49,823 | ||
Accounts and other receivables, net | 15 | 687,620 | 831,257 | ||
Deferred costs | 14 | 123,515 | 119,789 | ||
Total non-current assets | 13,901,396 | 13,926,174 | |||
Current assets | 13 | 833,916 | |||
Inventories, net | 953,001 | ||||
Work in progress | 2,301,120 | 1,769,583 | |||
Accounts and other receivables, net | 15 | 1,740,566 | 1,543,372 | ||
Deferred costs | 14 | 14,222 | 13,809 | ||
Cash and bank balances | 16 | 1,622,662 | 1,795,865 | ||
Total current assets | 6,512,486 | 6,075,630 | |||
Total assets | 20,413,882 | 20,001,804 | |||
Equity and liabilities | |||||
Equity | 17 | 3,540,862 | |||
Issued capital | 3,540,862 | ||||
Legal reserve | 1,770,431 | 1,770,431 | |||
Other reserve | 18 | 1,212,049 | 1,212,049 | ||
Retained earnings | 4,489,291 | 4,475,494 | |||
Equity attributable to equity holders of the parent | 11,012,633 | 10,998,836 | |||
Non-controlling interests | 77,828 | 75,568 | |||
Total equity | 11,090,461 | 11,074,404 | |||
Liabilities | |||||
Non-current liabilities | 19 | 2,930,211 | |||
Loans and borrowings | 3,012,139 | ||||
Accounts and other payables | 20 | 130,632 | 114,240 | ||
Retention payable | 21 | 173,583 | 181,575 | ||
Deferred revenue | 22 | 642,156 | 607,462 | ||
Employees' end-of-service benefits | 23 | 53,170 | 49,708 | ||
Lease liabilities | 24 | 8,667 | 9,273 | ||
Total non-current liabilities | 3,938,419 | 3,974,397 | |||
Current liabilities | 19 | 2,029,130 | |||
Loans and borrowings | 1,521,084 | ||||
Accounts and other payables | 20 | 3,175,125 | 3,257,356 | ||
Retention payable | 21 | 118,035 | 112,943 | ||
Deferred revenue | 22 | 60,369 | 58,731 | ||
Lease liabilities | 24 | 2,343 | 2,889 | ||
Total current liabilities | 5,385,002 | 4,953,003 | |||
Total liabilities | 9,323,421 | 8,927,400 | |||
Total equity and liabilities | 20,413,882 | 20,001,804 |
These interim condensed consolidated financial statements were approved by the Board of Directors and signed on their behalf on 19 October 2022 by:
__________________________________ | _____________________________ |
Ibrahim Jassim Al-Othman | Turki Bin Mohamed Al-Khater |
President and Chief Executive Officer | Chairman of the Board |
The attached notes from 1 to 32 form part of these interim condensed consolidated financial statements.
2
United Development Company Q.P.S.C.
Interim consolidated statement of changes in equity for the nine-month period ended 30 September 2022
Attributable to equity holders of the Parent | Non- | |||||||||||||
Share | Legal | Other | Retained | controlling | Total | |||||||||
capital | reserve | reserves | earnings | Total | interests | equity | ||||||||
QR'000 | QR'000 | QR'000 | QR'000 | QR'000 | QR'000 | QR'000 | ||||||||
Balance at 1 January | ||||||||||||||
2021 (Audited) | 3,540,862 | 1,752,393 | 1,212,049 | 4,449,679 | 10,954,983 | 366,796 | 11,321,779 | |||||||
Net profit for the period | - | - | - | 179,269 | 179,269 | 27,607 | 206,876 | |||||||
Other comprehensive | ||||||||||||||
income for the period | - | - | - | - | - | - | - | |||||||
Related party share of | ||||||||||||||
tax | - | - | - | - | - | 7,820 | 7,820 | |||||||
Transfer to legal | ||||||||||||||
reserve | - | 17,927 | - | (17,927) | - | - | - | |||||||
Dividend paid (Note 32) | - | - | - | (177,043) | (177,043) | - | (177,043) | |||||||
Addition during the | ||||||||||||||
period | - | - | - | - | - | 490 | 490 | |||||||
Acquisition of non- | ||||||||||||||
controlling interest | ||||||||||||||
without change in | ||||||||||||||
control | - | - | - | (60,834) | (60,834) | (326,619) | (387,453) | |||||||
Balance at | ||||||||||||||
30 September 2021 | ||||||||||||||
(Unaudited) | 3,540,862 | 1,770,320 | 1,212,049 | 4,373,144 | 10,896,375 | 76,094 | 10,972,469 | |||||||
Balance at 1 January | ||||||||||||||
2022 (Audited) | 3,540,862 | 1,770,431 | 1,212,049 | 4,475,494 | 10,998,836 | 75,568 | 11,074,404 | |||||||
Net profit for the period | - | - | - | 208,544 | 208,544 | 8,453 | 216,997 | |||||||
Other comprehensive | ||||||||||||||
income for the period | - | - | - | - | - | - | - | |||||||
Addition during the | ||||||||||||||
period | - | - | - | - | - | 1,050 | 1,050 | |||||||
Dividend paid (Note 32) | - | - | - | (194,747) | (194,747) | (7,243) | (201,990) | |||||||
Balance at | ||||||||||||||
30 September 2022 | ||||||||||||||
(Unaudited) | 3,540,862 | 1,770,431 | 1,212,049 | 4,489,291 | 11,012,633 | 77,828 | 11,090,461 |
The attached notes from 1 to 32 form part of these interim condensed consolidated financial statements. 3
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UDC - United Development Company PSC published this content on 17 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 October 2022 13:34:01 UTC.