by URC | Press Release
United Real Estate Company K.S.C.P (URC), a leading real estate developer and investor in Kuwait and the MENA region, announced its financial results for the first quarter ended 31 March 2021.
The Company reported a net profit of KD 1.13 million for the first quarter of 2021, compared to KD 1.67 million for the same period in 2020. Operating profits were KD 3.28 million for the quarter compared to KD 5.06 million reported in the first quarter of 2020.
Commenting on the results, URC Vice Chairman and Group Chief Executive Officer, Mr. Mazen Issam Hawwa said, “The Company’s performance during the first quarter of 2021 continued to be impacted by the Covid-19 pandemic, namely in the hospitality and contracting sectors, due to the ongoing travel restrictions and strict government health protocols. Despite these challenges, the Company was able to maintain its revenues from shopping centers at almost at pre-pandemic levels and achieved growth in revenues from its Real Estate Services. The Company witnessed an improvement from associates share of income coupled with positive results from its ongoing cost optimization initiatives that resulted in a decline in expenses and finance costs.”
Mr. Hawwa concluded, “The Company continues to make steady progress in its real estate developments, locally and regionally. In Kuwait and within the Hessah AlMubarak District, the construction progress for Hessah Towers is ongoing in sync with its project timeline, while Byout Hessah construction has already commenced. Several townhouses and apartments were sold off-plan in the first quarter of 2021, in which total sold units for Hessah Towers reached over 50%, while 28% of the Byout Hessah Townhouses were sold before its public launch. The interest generated by these projects further affirm URC as the trusted, innovation-driven, and customer-focused real estate developer and investor in Kuwait and the region.”
In the Kingdom of Morocco, progress continues in the development of the infrastructure and the design of the residential and hospitality components of the Assoufid project. The project is a premium mixed-use tourist and residential resort situated outside the vibrant city of Marrakech. The development includes the iconic St. Regis Marrakech Resort alongside branded villas and other premium residential components and a retail hub.