Kuwait City, 15 May 2019 –United Real Estate Company. K.S.C.P (URC), one of the leading real estate developers in the MENA region, announced its financial performance for the first quarter of 2019, achieving a growth in total operating revenues of 19.10% to reach KD 24.7 million, as compared to KD 20.7 million for the same period of last year. The Company also recorded an increase of 17.96% in net operating profit for the first quarter of 2019 to reach KD 4.13 million as compared to KD 3.5 million for the same period of last year.
URC also achieved a 2.15% increase in net profit of KD 780.9 thousand for the first quarter of 2019 as compared to a profit of KD 764.5 thousand for the same period in 2018, and an increase in earnings per share of 73 fils for the first quarter of 2019 as compared to 71 fils per share for the same period in 2018.
The main reason for the increase in its net operating profit is due to several factors, mainly, increase in gross profit, increase in other income, decrease in provisions, set off against decrease in share of results of associates companies.
Commenting on these results, Mr. Ahmad Kasem, Acting Chief Executive Officer, said, “These results reflect positive growth in the contracting and services performance during the first quarter of this year, due to the increase in operating revenues as well with a recorded increase of net operating profit, which strengthens the outlook for the Company’s further growth in its activities and projects.”
Mr. Ahmed Kasem
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