United Real Estate Company (URC), one of the leading real estate developers in the MENA region, announced its performance for the first half of 2018, achieving a growth in total revenues of 9.38% to reach KD 43.8 million, as compared to KD 40 million for the same period of last year. During the second quarter of 2018, URC achieved revenues of KD 23 million as compared to KD 19.3 million for the same period in 2017 at a recorded growth of 19.44% that was mainly achieved due to increased contracting activities from construction and facilities management services.
URC recorded a net loss for the first six months of 2018 of KD 1.7 million as compared to a profit of KD 1.4 million for the same period in 2017, and a decline in earnings per share of 1.58 fils for the first six months of 2018 as compared to a profit increase of 1.34 fils per share for the same period in 2017.
The company attributed the loss in 2018 to increased provisions for impairment in account receivables and an increase in financing costs used for financing URC’s projects and activities, offset by an increase in the profit of associates.
Commenting on these results, Mr. Ahmad Kasem, Acting Chief Executive Officer of URC, stated: “Despite the challenges our company
Mr. Ahmad Kassem
Acting Chief Executive Officer
United Real Estate Company (URC) is one of the Middle East and North Africa’s leading real estate developers, with consolidated assets of KD 602 million (US$ 2 Billion) as of 31 December 2017. URC was founded in 1973 and listed on the Kuwait Stock Exchange in 1984.
URC primarily operates through a number of
URC’s operations extend to construction and contracting, facility management, and project management through its several subsidiaries. The company’s portfolio of assets and businesses are geographically spread across a number of countries through several assets such as Marina World, Marina Hotel, and KIPCO Tower in Kuwait, Salalah Gardens Mall & Residences in Oman, Abdali Mall in Jordan, Raouche View 1090 in Lebanon, Avaris and Aswar Residences in Egypt, and Assoufid in Morocco.
URC’s majority shareholder is KIPCO Group, one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 34.5 billion as