United Real Estate Company reports 33.33% increase in net profit for the third quarter – ARAB TIMES





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KUWAIT CITY, November 2: United Real Estate Company (URC), a leading real estate developer in Kuwait and the MENA region, announced its financial results for the 3rd quarter ended September 30, 2022. The company recorded an increase of its net profit by 33.33% to reach 1.60 million KD for the 3rd quarter of 2022, compared to a net profit of 1.20 million KD for the same period in 2021. The net profit recorded an increase of 231% to 8.18 million KD during the first nine months of the year 2022 against 2.47 million KD the previous year.

Mazen Issam Hawwa, URC Vice President and Group Managing Director

The company’s operating profit increased by 32.80% in the first nine months of 2022 to KD 13.40 million from KD 10.09 million last year. Operating revenue in the first nine months of 2022 was KD61.05 million, a marginal decline of 5.20% from operating revenue for the same period in 2021 of KD64.40 million . Commenting on the financial results, Mr. Mazen Issam Hawwa, Vice Chairman of URC and Group Managing Director, said: “The growth achieved in the first nine months of 2022 continues the strong performance of the company at different levels since the beginning of the year. , while the company continued to deliver exceptional operating performance in all the main sectors in which it operates, benefiting from the improvement in the economic landscape which accelerated given the recovery in activity and the increase in oil price.

Shareholders

Mr. Hawwa added that: “URC shareholders approved the merger of the company with United Towers Holding Company (UTHC) and Al Dhiyafa Holding Company (DHC) at the Extraordinary General Meeting recently held on October 24, 2022. This step aims to enrich the company’s portfolio of assets and strengthen its ability to fundamentally increase its revenues, which will lead to the realization of added value for the mutual benefit of all shareholders participating in this resulting entity. merger operation Mr. Hawwa also underlined that “the company’s tireless and continuous efforts in the development of leading projects have recently been crowned with numerous prestigious awards in the category ‘Best in Kuwait’ in eight categories of Arabian Property Awards for the year 2022-2023 for the “Hessah Neighborhood Project”.

United Real Estate Corporation. KSCP (URC) is one of the leading real estate developers in Kuwait and the MENA region, with consolidated assets of approx. 610 million KD (1.96 billion USD) as of September 30, 2022. Headquartered in Kuwait, URC was founded in 1973 and was listed on the Kuwait Stock Exchange in 1984. URC mainly operates through a number of operating subsidiaries and arms investment in the MENA region. Region.

URC’s core business is the development and operation of real estate and benefits from a diverse portfolio of assets including retail complexes, hotels, residential properties and high-rise office buildings. URC’s business spans construction and contracting services, facilities management and project management through its several subsidiaries. URC’s asset portfolio is geographically spread across 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 and Waldorf Astoria Hotels and Aswar Residences in Egypt, and the Assoufid development comprising a golf resort, five-star hotel and upscale residences in Morocco.







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