United Real Estate achieves 9.38% growth in revenues for first half of 2018

KUWAIT: United Real Estate Company (URC), one of the leading real estate developers in the MENA region, announced its performance for the first half of 2018, achieving a growth in total revenues of 9.38 percent to reach KD 43.8 million, as compared to KD 40 million for the same period of last year. During the second quarter of 2018, URC achieved revenues of KD 23 million as compared to KD 19.3 million for the same period in 2017 at a recorded growth of 19.44 percent that was mainly achieved due to increased contracting activities from construction and facilities management services.

URC recorded a net loss for the first six months of 2018 of KD 1.7 million as compared to a profit of KD 1.4 million for the same period in 2017, and a decline in earnings per share of 1.58 fils for the first six months of 2018 as compared to a profit increase of 1.34 fils per share for the same period in 2017.

The company attributed the loss in 2018 to increased provisions for impairment in account receivables and an increase in financing costs used for financing URC’s projects and activities, offset by an increase in the profit of associates.

Commenting on these results, Ahmad Kasem, Acting Chief Executive Officer of URC, stated: “Despite the challenges our company have encountered in the first half of 2018, we remain confident to continue to move ahead in developing our current projects in accordance with URC’s visions and strategies.”