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

Aug 06 , 2023

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."