UPAC reports 2.6% revenue increase in 2023 fiscal year

KUWAIT CITY, April 1: United Projects for Aviation Services Company (UPAC), specializing in facility management and commercial real estate, has announced its financial performance for the fiscal year ending Dec 31, 2023, reports Al-Qabas daily.

The company achieved revenues of 10.14 million dinars, marking a 2.6% increase compared to 2022. Notably, net profits surged by 133%, reaching 1.61 million dinars, equivalent to earnings per share of 4.06 fils.

The Board of Directors has recommended against distributing dividends for the fiscal year ending December 31, 2023, pending approval from the company’s General Assembly.

Nadia Aqeel, CEO of UPAC, expressed satisfaction with the 2023 results, attributing the improvements to the recovery of airport-related services and the uptick in daily flights and passengers at Kuwait International Airport. Aqeel reiterated the company’s commitment to delivering value to shareholders while maintaining strong business performance for customers. She anticipates continued growth throughout 2024.

In early 2024, UPAC concluded its contract for the development, operation, and maintenance of parking lots and related facilities at T4 in Kuwait International Airport. The company facilitated the seamless transfer of the project to Incheon International Airport Corporation IIAC, the current manager of T4.

UPAC is a contributing investor in the $1.3 billion Reem Mall situated on Reem Island in Abu Dhabi. The mall, which officially opened to the public in Feb 2023, boasts the region’s first integrated, multi-channel retail system with 153 operational units, the mall has achieved an occupancy rate of approximately 72% of the total rental space. UPAC anticipates further tenant occupancy in the coming months.

In Kuwait, UPAC manages two key projects: the management and operation of the shopping center in the main terminal T1 at Kuwait International Airport, including parking lots and related facilities, and the management of real estate and parking facilities at Sheikh Saad Airport.