United Real Estate Company Achieves a 21.3% Increase in Net Profit of KD 5.1 million in 2024

Mar 25 , 2025

United Real Estate Company (URC) has announced its financial results for the year ending in 31st of December 2024, reporting a net profit of KD 5.1 million, a 21.3% increase from KD 4.3 million in 2023. In recognition of the company’s robust financial performance, the URC Board of Directors has proposed a 5% stock dividend utilizing treasury shares, subject to approval at the Annual General Assembly (AGM).

Gross profit increased to KD 31.4 million in 2024 compared to KD 27.1 million in 2023, an increase of 15.5%. Earnings per share for 2024 also increased to 3.9 fils compared to 3.2 fils for the same period last year, achieving a remarkable 21% growth.

Revenue increased to KD 88.6 million in 2024, up from KD 87.3 million in 2023, driven by improved operational efficiency across key sectors, particularly hospitality, contracting, and services. The hospitality segment benefited from the launch of operations at the Waldorf Astoria Cairo Heliopolis Hotel in Egypt. Meanwhile, the contracting and services segment saw growth due to an increase in new contracts secured by URC’s contracting subsidiary, United Building Company (UBC), along with higher revenue from facility management services provided by United Facilities Management Company (UFM).

Commenting on the results, Mr. Mazen Issam Hawwa, Vice Chairman and Group Chief Executive Officer of URC, stated: "In 2024, we delivered strong performance, demonstrating the resilience and adaptability of our business model. This marks the third consecutive year of profit growth, reinforcing our ability to navigate diverse economic conditions."

Mr. Hawwa emphasized that these financial results reflect the success of URC’s strategic approach and operational efficiency across its business sectors. He highlighted the hospitality sector’s revenue growth, particularly driven by the continued growth of the Waldorf Astoria Cairo Heliopolis Hotel and the steady performance of the Hilton Heliopolis hotel in Egypt. Additionally, URC's rental assets both locally and regionally, saw a significant increase in occupancy, surpassing 90% by the end of 2024. The development of URC’s key project, Hessah District, reached a major milestone with the completion of the residential units and the successful handover of a substantial portion of the units to their owners.

Looking ahead, Mr. Hawwa reaffirmed URC’s commitment to expanding its portfolio and creating long-term value for customers and shareholders: "We remain focused on seizing new opportunities, enhancing our investment portfolio, and delivering sustainable growth through a strategic and forward-thinking approach."

URC's total assets increased to KD 671.9 million in 2024 compared to KD 665.5 million in 2023. Shareholder equity increased by 6.7%, reaching KD 196.4 million at the end of 2024 compared to KD 184.0 million at the end of 2023. This resulted in an increase in book value per share to 151 fils per share at the end of 2024 compared to 141 fils at the end of 2023.