by URC | Press Release
United Real Estate Company
K.S.C.P (URC), the real estate arm of KIPCO Group and a leading real estate
developer and investor in Kuwait and the MENA region, announced its financial
results for the third quarter ended 30 September 2023.
Net profit for the first nine months
of the year 2023 was KD 4.7 million compared to KD 8.2 million for the same
period of 2022. Furthermore, the company's operating profit displayed a growth
during the first nine months of 2023, surging by 41% and reaching KD 18.8
million, as compared to KD 13.3 million in the same period of preceding year.
In Q3 2023, URC has continued to
achieve positive financial results, showcasing substantial growth in its core
operations of Rental and Hospitality. During Q3 of the year 2023, these
segments reported an increase in revenue, demonstrating a growth of 29.2% when
compared to the same period in the previous year 2022, meanwhile the
contracting and services sector witnessed a decrease in the revenues reached to
KD 7 million comparing to KD 10.6 million in the same period of 2022. Moreover,
for the nine months of 2023, URC's Rental and Hospitality operations exhibited
robust financial performance with a 36.5% growth in revenue compared to the
same period last year.
Additionally, the operating profit for
URC has shown noticeable growth in the 3rd quarter of 2023, with a significant
increase of 70.3% compared to the corresponding period in the previous year.
This positive trend in profitability extended to the nine months of 2023, where
URC achieved a notable growth of 41.4% in operating profit when compared to the
similar period in the previous year. These results reflect URC's commitment to
delivering promising financial performance and continued success in its core
Commenting on the financial results,
Mr. Mazen Issam Hawwa, URC Vice Chairman and Group Chief Executive Officer,
said: "In the third quarter of 2023, URC continued its steadfast journey
of growth and financial resilience. We are delighted to announce another
quarter of positive financial results. The increase in net profit, along with
the adequate rise in operating profit, reflects our persistent dedication to
consistently enhance the company’s asset portfolio and strengthen its ability
for revenue growth. These achievements are a testament to our strategic
approach and ability to adapt to market dynamics.”
“As we move forward, we remain focused
on innovation, sustainability, and delivering value to our stakeholders. The healthy
financial performance underscores URC's resilience and strength, and we look
forward with enthusiasm to the promising opportunities on the horizon.” Mr.
It is worth mentioning that in 2023,
URC achieved significant recognition and accolades from prestigious local,
regional, and international organizations, including Euromoney, reaffirming its
standing as a distinguished player in the real estate and development sector.
These awards underscore URC's commitment to excellence, innovation, and
adherence to international standards.
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 669 million (US$ 2.2 Billion) as of 30 September 2023. Head quartered in
Kuwait, URC was founded in 1973 and was listed on the Kuwait Stock Exchange in
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
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
Salem Al Khulaqi
Communications Manager – Sales & Marketing
United Real Estate Company
T (+965) 2295 3671
F (+965) 2244 1003