URC achieves 24.45% growth in revenues for H1 2019
KUWAIT: United Real Estate Company. K.S.C.P (URC), one of the leading real estate developers in the MENA region, announced its performance for the first half of 2019, reporting growth in operating revenues of 24.45 percent as compared to the same period of the previous year. Revenues for the period were KD 54.5 million as compared to KD 43.8 million during the same period of the previous year. During the second quarter of 2019, URC revenues were KD 29.8 million as compared to KD 23 million for the same period in 2018, at a growth of 29.25 percent.
URC net profits were KD 2.4 million for the first six months of 2019 as compared to a net loss of KD 1.7 million for the same period in 2018. Earnings per share were 2.25 fils for the first six months of 2019 as compared to a loss per share of 1.58 fils for the same period in 2018.
The increase in its net profits was due to several factors, mainly, the increase in gross profit from operations, the decline in provisions, partially set-off against a decline in the share of results of associated companies.
Commenting on these results, Ahmad Kasem, Acting Chief Executive Officer, said: “These results reflect URC’s improved business performance resulting in an increase in revenues. Better control over costs resulted in an increase in gross profit margins and overall results were significantly better in the first half of 2019 as compared to the corresponding period of the previous year. We are confident of maintaining the growth momentum and continue improvements in the performance of URC’s operating assets and streamline our business activities to be in line with the Company’s vision and strategies”.