United Development Heads for Highest Close in a Month on Profit

Jan. 26 (Bloomberg) -- United Development Co. headed for the highest close in almost a month after the Qatari investor in infrastructure and energy said 2011 profit increased six-fold.

The shares rallied 6.2 percent to 25.7 riyals at 9:41 a.m. in Doha, poised for the highest close since Dec. 28.

Net income climbed to 3.75 billion riyals ($1 billion) from 597 million riyals a year earlier. United Development gained 3 billion riyals on revaluation of investment properties, while revenue rose 34 percent to 1.9 billion riyals.

--Editors: Daliah Merzaban, Shanthy Nambiar

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To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net -0- Jan/26/2012 06:43 GMT