UPAC re­ports KD 3.46m in rev­enues for Q2 2017

Net profit rises 19.7% to reach 2.29 mil­lion

Kuwait Times - - BUSINESS -

United Projects for Avi­a­tion Ser­vices Com­pany (UPAC), a pub­licly-listed com­mer­cial real es­tate com­pany, yes­ter­day an­nounced a net profit of KD 2.29 mil­lion for the sec­ond quar­ter of 2017, a 19.7 per­cent in­crease over the same pe­riod last year. UPAC’s rev­enues grew by 6.5 per­cent to KD 3.46 mil­lion, com­pared to KD 3.25 mil­lion dur­ing Q2 2016. This strong per­for­mance re­flects UPAC’s com­mit­ment to im­prov­ing on op­er­a­tional ef­fi­cien­cies within its ex­ist­ing projects, where the Com­pany is cur­rently op­er­at­ing at full ca­pac­ity. Growth was driven by the com­pany’s in­come gen­er­at­ing projects in Kuwait, where it man­ages com­mer­cial space at the Sheikh Saad Ter­mi­nal at Kuwait In­ter­na­tional Air­port, and Dis­cov­ery Mall.

De­vel­op­ments are also un­der­way and ac­cord­ing to sched­ule at Reem Mall in Abu Dhabi, a project be­ing de­vel­oped in part­ner­ship with Na­tional Real Es­tate Com­pany (NREC). At the end of 2015, UPAC had com­mit­ted to in­vest up to KD 68 mil­lion to sup­port eq­uity fund­ing into the project. Upon com­ple­tion, Reem Mall will be a ma­jor re­tail, leisure and en­ter­tain­ment des­ti­na­tion cov­er­ing two mil­lion square feet. Ear­lier this year, UPAC’s Board of Direc­tors ap­proved an in­crease in the Com­pany’s share cap­i­tal amount­ing to 31.75 per­cent of the Com­pany’s cur­rent cap­i­tal. UPAC is cur­rently un­der­go­ing the manda­tory reg­u­la­tory ap­proval pro­cesses with the rel­e­vant au­thor­i­ties and once com­pleted, the Com­pany’s is­sued and paid up cap­i­tal shall amount to KD 13.175 mil­lion. This in­crease will serve to fur­ther boost UPAC’s liq­uid­ity and sup­port cur­rent and fu­ture planned in­vest­ments and other growth op­por­tu­ni­ties within the re­gion.

Na­dia Akil, Chief Ex­ec­u­tive Of­fi­cer - UPAC said, “I am pleased to re­port the steady progress UPAC has achieved dur­ing the sec­ond quar­ter, which fol­lows the pos­i­tive trend from pre­vi­ous quar­ters. Our profits have in­creased steadily over the pe­riod which re­flects not only UPAC’s fo­cus to op­ti­mize and stream­line its ex­ist­ing op­er­a­tions in the air­port and other prop­er­ties, but also sup­ports its strat­egy for fu­ture growth op­por­tu­ni­ties within real es­tate.”

Q2 2017 Fi­nan­cial High­lights

Rev­enue: KD 3.46mil­lion, up 6.5 per­cent from Q2 2016 Net Profit: KD 2.29 mil­lion, up 19.7 per­cent from Q2 2016 Earn­ings Per Share (EPS) of 23.91 fils

Na­dia Akil

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