United Real Estate Company Records KD 4 Million Net Profit for First Half of 2023

Aug 06 , 2023

Kuwait City 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 six-month period ended 30 June 2023.

In the first half of 2023, the company achieved a growth in total operating revenues of 5.8% to reach KD 43.1 million, as compared to KD 40.7 million for the same period of last year.

URC The Company also recorded an increase of 30.93% in net operating profit for the first half of 2023 to reach KD 12.8 million as compared to KD 9.8 million for the same period of last year. It increased its Net Operating Profit during the second Quarter in 2023 by 10.39% to reach KD 6.93 million compared to KD 6.28 million for the same period.

URC also achieved net profit of KD 4.04 million for the first half of 2023 as compared to a profit of KD 6.6 million for the same period in 2022.

Commenting on the results, Mr. Mazen Hawwa, URC Vice-Chairman and Group Chief Executive Officer, said: "In the first half of 2023, URC continued to achieve positive results, reflecting the success of our growth plans and increasing our market share. These results further validate our strategy which places operational excellence, development of distinctive projects, and maximizing value for our shareholders at its core, aiming to achieve sustainable growth grounded on clear foundation and robust methodology."

Mr. Hawwa added: "Our ability to remain agile in a highly competitive environment and to adapt to the rapidly changing market landscape and customers’ aspirations, position us strongly for further progress and noticeable returns. We will continue to diligently work to create sustainable value for our clients, shareholders, and the communities we serve."

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 668 million (US$ 2.2 Billion) as of 31 December 2022. 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.

Contact Info

Salem Al Khulaqi

Communications Manager – Sales & Marketing
United Real Estate Company

T (+965) 2295 3671

F (+965) 2244 1003