United Real Estate Company Records 26.53% Net Profit for First Quarter of 2023

May 15 , 2023

Kuwait City by URC | Press Release

United Real Estate Company (URC), a leading real estate developer in Kuwait and the MENA region, announced its financial performance for the first quarter of 2023.

The company achieved a growth in total operating revenues of 24.84% to reach KD 23.4 million, as compared to KD 18.8 million for the same period of last year. The Company also recorded an increase of 67.4% in net operating profit for the first quarter of 2023 to reach KD 5.9 million as compared to KD 3.5 million for the same period of last year.

URC also achieved a 26.53% increase in net profit of KD 2 million for the first quarter of 2023 as compared to a profit of KD 1.6 million for the same period in 2022, and an increase in earnings per share of 1.56 fils for the first quarter of 2023 as compared to 1.49 fils per share for the same period in 2022. The main reason for the increase in its net operating profit is due to increase in gross profit of all its activities.

Commenting on the company’s Q1 2023 financial results, Mr. Mazen Hawwa, URC Vice-Chairman and Group Chief Executive Officer, said: “URC delivered an adequate performance in the first quarter of 2023, building on the momentum of our positive performance in 2022, despite the challenging global economic environment, including geopolitical tensions, persistent inflation and the turbulence faced by economic sectors affected by the volatility of interest,”

“We continued to record a progressive shift in the financial performance during the first quarter, and we will continue to improve our operational efficiency and create an added value for our customers, communities and shareholders. URC will continue developing modern projects that keep pace with the aspirations of customers, as proof, the Hessah District community project” Mr. Hawwa added.

About URC

United Real Estate Company. K.S.C.P (URC) is one of the leading real estate developers in Kuwait and the MENA region, with consolidated assets of Approx. KD 668 million (US$ 2.2 Billion) as of 31 December 2022. Headquartered in Kuwait, URC was founded in 1973 and was listed on the Kuwait Stock Exchange in 1984.

URC primarily operates through a number of 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 and includes 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), a holding company that focuses on investments in the Middle East and North Africa. It’s strategy of acquiring, building, scaling and selling companies in the MENA region has worked successfully for over 30 years. KIPCO’s main business sectors are financial services, media, real estate, and industry. KIPCO’s financial service interests include holdings in commercial banks, insurance companies, asset management, and investment banking.

Contact Info

Salem Al Khulaqi

Communications Manager – Sales & Marketing
United Real Estate Company

T (+965) 2295 3671

F (+965) 2244 1003