United Real Estate Company announces its Financial Results for the First Half of 2021

Aug 12 , 2021

Kuwait City by URC | Press Release

United Real Estate Company K.S.C.P (URC), a leading real estate developer and investor in Kuwait and the MENA region, announced its financial results for the first half ended 30 June 2021.

The Company recorded an increase in its net profits by 122.5% to reach KD 1.27 million for the first half of 2021, compared to a net loss of KD 5.65 million for the same period in 2020.

Operating profits in the first half of 2021 were KD 6.45 million compared to KD 1.65 million reported in the first half of 2020. Operating profits in the second quarter of 2021 were KD 3.17 million compared to an operating loss for the same period of 2020 at KD 3.40 million.

During the second quarter of 2021, net profits were KD 139.9 thousand compared to a net loss of KD 7.31 million for the same period in 2020.

Commenting on the results, URC Vice Chairman and Group Chief Executive Officer, Mr. Mazen Issam Hawwa said, “The Company’s performance has significantly improved this year, despite the government-imposed health protocols and travel restrictions due to COVID-19 pandemic. The increase in net profits that URC has recorded resulting from growth in revenues from rental, hospitality, and real estate services. The Company also witnessed an improvement from associates share of income, in tandem with a successful outcome from its ongoing cost optimization initiatives, which achieved a decline in finance costs.”

Mr. Hawwa concluded, “URC is determined to sustain its operating profits for the second half of this year, by further enhancing our operational performance in parallel with the ease of government policies on public health and safety restrictions, resulting from accelerating the national vaccination programs to combat the spread of coronavirus. Moreover, URC’s ongoing developments in Hessah AlMubarak District have received significant interest from the local market, as we are keen to deliver a bespoke community and lifestyle experience.”