Kuwait City, Wednesday 10 November 2021 – United Real Estate Company K.S.C.P (URC), a leading real estate developer in Kuwait and the MENA region, announced its financial results for the nine months ended 30 September 2021.
The Company recorded an increase in its net profits by 150% to reach KD 2.47 million for the nine months of 2021, compared to a net loss of KD 4.90 million for the same period in 2020. Operating profits in the nine months of 2021 were KD 10.09 million compared to KD 4.64 million reported for the same period last year.
Supported by the worldwide gradual economic normalization, the Company witnessed a significant recovery in its business activities after a year of health and safety restrictions that limited URC’s operations, locally and regionally.
During the third quarter of 2021, URC’s net profits were KD 1.2 million compared to KD 746 thousand for the same period in 2020. Operating profits in the third quarter of 2021 were KD 3.64 million compared to KD 2.96 for the same period of 2020.
Commenting on the results, URC Vice Chairman and Group Chief Executive Officer, Mr. Mazen Issam Hawwa, said, “The Company returned to profitability at the beginning of 2021 as health measures imposed in Kuwait started to ease, and our operations recovered gradually. Our bottom-line results in this quarter and year to date are mainly attributed to increased rental income from shopping centers, improvement in hospitality income, and the significant improvement in revenues from real estate services.
Mr. Hawwa concluded: “URC is determined to sustain its operating profits in light of the positive outlook for Kuwait and global economic recovery from the pandemic. The Company will continue its development progress in the Hessah AlMubarak District, a project met with high demand, and the Assoufid Developments in Morocco.”
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Note to Editors
United Real Estate Company. K.S.C.P (URC) is one of the leading real estate developers and investor in Kuwait and the MENA region, with consolidated assets of KD 612.2 million (US$ 2 Billion) as of 30 September 2021. Headquartered in Kuwait, URC was founded in 1973 and was listed on the Kuwait Stock Exchange in 1984.
URC primarily operates through several operating subsidiaries and investment arms across the MENA region. URC’s core business is real estate development and operations and enjoys a diversified portfolio of assets that include retail complexes, hotels, residential properties, and high-rise office buildings.
URC’s operations extend to construction and contracting services, facility management, and project management through its several subsidiaries. URC’s portfolio of assets is geographically spread throughout the MENA region 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, Hilton Cairo Heliopolis & Waldorf Astoria Hotels, and Aswar Residences in Egypt, and Assoufid development including a golf resort, five-star hotel, and premium residences in Morocco.
URC is the real estate arm of its majority shareholder, Kuwait Projects Company – Holding (KIPCO Group), one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 33.5 billion as of 30 September 2021. The Group has significant ownership interests in over 60 companies operating across 24 countries. The Group’s main business sectors are financial services, media, real estate, and manufacturing. Through its core companies, subsidiaries, and affiliates, KIPCO also has interests in the education and medical sectors.
Nasser Al Qallaf
Vice President – Marketing & Corporate Communications
United Real Estate Company
T (+965) 2295 3674
F (+965) 2244 1003