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United Development Heads for Biggest Gain in 7 Years on Earnings

Oct. 23 (Bloomberg) -- United Development Co. is poised for the biggest gain in more than seven years after the Qatari investor said nine-month profit more than quadrupled.

The shares soared 10 percent to 20.91 riyals at 10:08 a.m. in Doha and are headed for the biggest increase since July 2004.

The company said Oct. 20 net income surged to 1.8 billion riyals ($494 million) from 443.6 million riyals a year earlier.

Link to Company News:{UDCD QD <Equity> CN <GO>}

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

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