United Real Estate Company Returns to Profitability in 2022 Recording a Net Profit of KD 3.38 million

Apr 01 , 2023

United Real Estate Company (URC), a leading real estate developer in Kuwait and the MENA region, announced its financial results for the year ended 31 December 2022.

The company reported a net profit of KD 3.38 million for the year ended 31 December 2022, while earnings per share were up to 3.14 fils, compared to a net loss of KD 4.96 million for the same period in 2021, and a loss per share of 4.62 fils. An increase of KD 8.34 million compared to the year 2021.

Total equity attributable to the shareholders of the parent company increased to KD 188.18 million for the year ended 31 December 2022, compared to KD 169.71 million for the year 2021.

Total assets also witnessed an increase by 11.21%, with a value of KD 67.28 million, to reach KD 667.71 million during 2022, compared to KD 600.43 million in 2021.

Commenting on the results, URC’s Chairperson, Sheikha Bibi Nasser Sabah Al-Ahmed Al-Sabah, said: “The financial statement and the growth momentum in profits reaching to KD 3.38 million during 2022 reflect the company's success in achieving its strategic goals that focus on maximizing value for shareholders in line with their aspirations, despite the economic challenges the world has witnessed.”

From his side, Mr. Mazen Hawwa, URC Vice-Chairman and Group Chief Executive Officer, said: “2022 was an exceptional year, as the company achieved great milestones on top of which came the successful completion of its merger by amalgamation with United Towers Holding Company (UTHC) and Al Dhiyafa Holding Company (DHC). URC further achieved stable growth rates in net profits during the year 2022 primarily came as a result of the increased gross profit as a result of rental, hospitality as well as real estate services. In addition to the profit resulting from the exit process from Kuwait Hotels Company (KHC), and the profit resulting from the merger, which was offset by the provision for losses on the revaluation of real estate investments.”

Mr. Hawwa further indicated that the company was crowned with a wide range of prestigious awards at local and international levels, and is continuing its operational activities as planned, explaining that the completion of the Hessa District is ongoing and the residential units are expected to be handed over to their owners by the end of 2023.