United Real Company announces KD 780.9 thousand net profit for first quarter of 2019

May 15 , 2019

Kuwait City by URC | Press Release

United Real Estate Company. K.S.C.P (URC), one of the leading real estate developers in the MENA region, announced its financial performance for the first quarter of 2019, achieving a growth in total operating revenues of 19.10% to reach KD 24.7 million, as compared to KD 20.7 million for the same period of last year. The Company also recorded an increase of 17.96% in net operating profit for the first quarter of 2019 to reach KD 4.13 million as compared to KD 3.5 million for the same period of last year.

URC also achieved a 2.15% increase in net profit of KD 780.9 thousand for the first quarter of 2019 as compared to a profit of KD 764.5 thousand for the same period in 2018, and an increase in earnings per share of 73 fils for the first quarter of 2019 as compared to 71 fils per share for the same period in 2018.

The main reason for the increase in its net operating profit is due to several factors, mainly, increase in gross profit, increase in other income, decrease in provisions, set off against decrease in share of results of associates companies.

Acting Chief Executive Officer

Commenting on these results, Mr. Ahmad Kasem, Acting Chief Executive Officer, said, “These results reflect positive growth in the contracting and services performance during the first quarter of this year, due to the increase in operating revenues as well with a recorded increase of net operating profit, which strengthens the outlook for the Company’s further growth in its activities and projects.”

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 KD 608 million (US$ 2 Billion) as of 31 December 2020. Headquartered in Kuwait, URC was founded in 1973 and was listed on the Kuwait Stock Exchange in 1984.

URC primarily operates through several 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 such as 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), one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 34 billion as of 31 December 2020. The Group has significant ownership interests in over 60 companies operating across 24 countries. The Group’s main business sectors are financial services, media, real estate, and manufacturing. Through its core companies, subsidiaries, and affiliates, KIPCO also has interests in the education and medical sectors.

Contact Info

Mohammed Al Tawwash

Assistant Vice President – Corporate Communications
United Real Estate Company

T (+965) 2295 3500 Ext. 3672

F (+965) 2244 1003