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

May 15 , 2023

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.