United Real Estate Company Achieves 9.38% Growth in Revenues for the First Half of 2018

Mar 14 , 2019

Kuwait City by URC | Press Release

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.

Acting Chief Executive Officer

Commenting on these results, Mr. Ahmad Kasem, Acting Chief Executive Officer of URC, stated: “Despite the challenges our company have encountered in the first half of 2018, we remain confident to continue to move ahead in developing our current projects in accordance with URC’s visions and strategies.”

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 KD 608 million (US$ 2 Billion) as of 31 December 2020. 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$ 34 billion as of 31 December 2020. 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.

Contact Info

Mohammed Al Tawwash

Assistant Vice President – Corporate Communications
United Real Estate Company

T (+965) 2295 3500 Ext. 3672

F (+965) 2244 1003