UPAC Records KD 2.2 million Net Profit for the First Quarter of 2017
13 MAY 2018, KUWAIT
United Projects for Aviation Services Company (UPAC), a leading commercial real estate and facilities management company, announced today its financial results for the first quarter of 2018. The company recorded a net profit of KD 2.2 million for Q1 2018, a 2.5% increase over the same period in 2017. UPAC’s revenues grew by 4.3% to KD 3.6 million, compared to KD 3.5 million during Q1 2017.
In March, UPAC successfully concluded the subscription for raising its capital. The company increased its issued and paid-up capital by KD 3,175,000 (representing a 31.75% increase) which was divided into 31,750,000 ordinary shares, with a total value of KD 20,002,500 including the issuance premium. The subscription period closed on 18 March 2018, and impact of the capital increase was reflected in the financial statements for the period ending on 31 March 2018.
Nadia Akil, Chief Executive Officer, said, “UPAC has achieved strong results in the first quarter and continues to achieve positive results year over year. The additional funds resulting from our successful capital increase will serve to further boost the company’s liquidity and support various current and future expansion plans, including Abu Dhabi’s Reem Mall. All indicators are encouraging, with our stable profitability and solid revenues year-on-year; we aim to continue this momentum through 2018.”
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 provides facility management services.
Earlier in May, Reem Mall celebrated laying the foundation stone in the presence of a number of senior Abu Dhabi government officials and industry leaders from the private sector.