UPAC Records KD 2.18 million Net Profit in Q2 2019
28 July 2019, 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 2019. UPAC recorded a net profit of KD 2.18 million, a decrease of 23.32% over the same period in 2018. UPAC’s revenue for Q2 2018 of KD 3.47 million decreased by 2.34% reaching KD 3.39 million in Q2 2019.
Nadia Akil, Chief Executive Officer – UPAC, said: “Our key projects in Kuwait continue to operate efficiently. We have witnessed a reduction in overall traffic utilization at Kuwait International Airport’s Terminal 1 given the shift of some airlines to their dedicated terminals, and expect the additional parking supply to be supplemented in line with the forecasted increase in passenger traffic growth year over year. In Abu Dhabi, our USD 1.2 billion Reem Mall project is under construction and progressing on schedule and is set to open in late 2020.”
The company operates four major projects in Kuwait, including the management and operations of Kuwait International Airport’s Terminal 1 airport mall, parking and related facilities, as well as the management of real estate and parking facilities at the airport’s Sheikh Saad Terminal. UPAC also manages the parking lots and related facilities at Terminal 4 as well as at Discovery Mall in Kuwait City.