UPAC Records KD 2.85 million Net Profit in Q2 2018
05 AUGUST 2018, KUWAIT
United Projects for Aviation Services Company (UPAC), a leading commercial real estate and facilities management company, today announced its financial results for the second quarter of 2018. UPAC recorded a net profit of KD 2.85 million, an increase of 24.5% over the same period in 2017. UPAC’s revenue for Q2 2018 of KD 3.47 million is on par compared with KD 3.46 million in Q2 2017.
Nadia Akil, Chief Executive Officer – UPAC, said, “Our net profits continued to increase steadily during the second quarter of 2018. Operations at our income generating projects at the Kuwait International Airport as well as other prominent projects in the country continue to drive our growth with Reem Mall progressing according to plan. All of these factors indicate a positive year ahead, and I look forward to further milestones to report during the course of the year.”
Operations of the commercial space and facilities at the Kuwait International Airport, Sheikh Saad Terminal, and Discovery Mall are operating at almost full capacity, with a continued focus on optimization and efficiency.
Construction of Reem Mall in Abu Dhabi is expected to be complete by the end of 2020. During the first three months of 2018, vast areas of excavation and backfill have been carried out and the first major structural concrete pour has been completed. Currently, 14 cranes are at the site, with construction progressing as scheduled. Once completed, Reem Mall will consist of over 2.9 million square feet of retail, world-class leisure and entertainment facilities, including Snow Park Abu Dhabi.