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United Real Estate Company Reports KD 5.3 Million Net Profit for the First Nine Months of 2024

Nov 12 , 2024

Kuwait City by URC | Press Release

United Real Estate Company (URC), the real estate arm of KIPCO Group, announced today its financial results for the nine-month period ended 30 September 2024. The company achieved a net profit of KD 5.3 million, compared to a net profit of KD 4.7 million achieving a remarkable growth of 12%for the same period last year.

Earnings per share for the first 9 months of 2024 increased to 4.1 fils compared to 3.7 fils for the same period last year, and gross profit was reported at KD 22.3 million, compared to KD 19.4 million (15%) for the same period in 2023.

In the third quarter of 2024, the net profit recorded a significant increase of 86% reaching KD 1.3 million, compared to KD 0.7 million for the same period last year. In Addition, total revenue rose by 13%, reaching KD 21.6 million in the third quarter of 2024, compared to KD 19.1 million for the same period last year where the gross profit witnessed an increase of 36%In the third quarterof 2024.

URC continued to achieve positive financial results and demonstrated growth in its core operations, in the hospitality sector, the company achieved an increase in revenue of 12%, reaching KD 4.1 million, compared to KD 3.6 million for the same period last year & in the contracting and services sector, the company reported a 30% increase in revenue amounting to KD 9.1 million compared to KD 7 million for the same period last year.

Commenting on the results, Mr. Mazen Issam Hawwa, URC Vice Chairman and Group Chief Executive Officer, said: “We are pleased to announce positive results in this quarter underpinned by the company’s asset portfolio and operational performance across main sectors particularly in hospitality, contracting and services sectors.”

He added, “We remain focused on delivering Hessah District development, notably the commencement of the residential unit’s handover to the owners.”

Mr. Hawwa concluded his remarks by emphasizing on URC's latest achievement in pursuing promising opportunities which was reflected in being awarded a contract by the Public Authority for Housing Welfare in Sabah Al-Ahmad area to develop multiple land plots.

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 649 million (US$ 2.1 Billion) as of 30 September 2024. Head quartered 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.