UPAC Records KD 9.64 million Net Profit in 2017
26 FEBRUARY 2018, KUWAIT
United Projects for Aviation Services Company (UPAC), a leading commercial real estate and facilities management company, today announced its financial year end results for 2017. UPAC recorded a net profit of KD 9.64 million, an increase of 14.23% over 2016. UPAC’s revenue increased by 5.83% in 2017 to KD 13.99 million, compared with KD 13.22 million in 2016.
For the Q4 2017, UPAC reported a net profit of KD 2.79 million (29.29 fils per share), an increase of 22.33 % over the same period in 2016. The company’s revenue increased by 6.96% in Q4 2017 to KD 3.47 million, compared with KD 3.25 million in Q4 2016.
The Board of Directors is recommending a cash dividend distribution of 121% (121 fils per share), subject to approval of the General Assembly.
Nadia Akil, Chief Executive Officer – UPAC, said, “UPAC has witnessed significant milestones over the course of the year, primarily driven by the developments taking place with Abu Dhabi’s Reem Mall. We continue to develop our strategy in growing our footprint and expanding in commercial real estate across the Middle East, with Abu Dhabi’s Reem Mall as our stepping stone in that arena. The company’s stable profitability and solid revenues year-on-year are positive indicators that we are on the right track.”
The development of Reem Mall, the $1.2 billion project being developed between UPAC and the National Real Estate Company (NREC), is well underway with several important milestones having been met successfully in 2017 including the final closure of the financing for Reem Mall as well as the appointment of Itinera Ghantoot as the lead contractor for the project, with construction well underway.
Reem Mall, located on Abu Dhabi’s Reem Island, will offer 2 million sq. ft. of leasable area (2.9 million sq. ft. of floor area) comprising 450 stores housing local and international brands, including 85 food and beverage outlets. It will feature education-oriented anchors and family-focused entertainment, including Snow Park Abu Dhabi, a destination attraction.
UPAC continues to focus on optimizing existing operations and improving efficiencies within the properties it manages. Growth was driven by the company’s income generating projects in Kuwait, where it manages commercial space within its various projects including the Kuwait International Airport, Sheikh Saad Terminal, and Discovery Mall, where it is currently operating its commercial space and facilities at almost full capacity.
UPAC continues to focus on optimizing existing operations and improving efficiencies within the properties it manages. Growth was driven by the company’s income generating projects in Kuwait, including the Kuwait International Airport, Sheikh Saad Terminal, and Discovery Mall, where it currently manages commercial space and facilities at almost full capacity.
Revenues: KD 13.99 million, an increase of 5.83 % to 2016.
EBITDA: KD 9.87 million, an increase of 0.84 % to 2016.
Net Profit: KD 9.64 million, an increase of 14.23 % to 2016
Earnings per share (EPS): 101.33 fils, an increase of 14.23 % to 2016
Akil concluded: “I would like to take this opportunity to thank our valued shareholders, customers and employees for their continued support and loyalty. We look forward to another year of solid growth at UPAC.”