United Real Estate Company Returns to Profitability in 2022 Recording a Net Profit of KD 3.38 million

Apr 01 , 2023

Kuwait City by URC | Press Release

United Real Estate Company (URC), a leading real estate developer in Kuwait and the MENA region, announced its financial results for the year ended 31 December 2022.

The company reported a net profit of KD 3.38 million for the year ended 31 December 2022, while earnings per share were up to 3.14 fils, compared to a net loss of KD 4.96 million for the same period in 2021, and a loss per share of 4.62 fils. An increase of KD 8.34 million compared to the year 2021.

Total equity attributable to the shareholders of the parent company increased to KD 188.18 million for the year ended 31 December 2022, compared to KD 169.71 million for the year 2021.

Total assets also witnessed an increase by 11.21%, with a value of KD 67.28 million, to reach KD 667.71 million during 2022, compared to KD 600.43 million in 2021.

Commenting on the results, URC’s Chairperson, Sheikha Bibi Nasser Sabah Al-Ahmed Al-Sabah, said: “The financial statement and the growth momentum in profits reaching to KD 3.38 million during 2022 reflect the company's success in achieving its strategic goals that focus on maximizing value for shareholders in line with their aspirations, despite the economic challenges the world has witnessed.”

From his side, Mr. Mazen Hawwa, URC Vice-Chairman and Group Chief Executive Officer, said: “2022 was an exceptional year, as the company achieved great milestones on top of which came the successful completion of its merger by amalgamation with United Towers Holding Company (UTHC) and Al Dhiyafa Holding Company (DHC). URC further achieved stable growth rates in net profits during the year 2022 primarily came as a result of the increased gross profit as a result of rental, hospitality as well as real estate services. In addition to the profit resulting from the exit process from Kuwait Hotels Company (KHC), and the profit resulting from the merger, which was offset by the provision for losses on the revaluation of real estate investments.”

Mr. Hawwa further indicated that the company was crowned with a wide range of prestigious awards at local and international levels, and is continuing its operational activities as planned, explaining that the completion of the Hessa District is ongoing and the residential units are expected to be handed over to their owners by the end of 2023.

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 610 million (US$ 1.96 Billion) as of 30 September 2022. Headquartered 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