UPAC Records Net Profits of KD 3.2 Million in Third Quarter of 2019
5 November 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 third quarter of 2019. UPAC recorded a net profit of KD 3.2 million in Q3 of 2019, an increase of 29.55% over the same period in 2018. The company’s revenues amounted to KD 3.48 million in Q3 of 2019, an increase of 1.46% compared to the same period in 2018.
Nadia Akil, Chief Executive Officer – UPAC, said, “Our indicators are on par with expectations, with our net profits progressing steadily during the third quarter of the year. Our key projects in Kuwait continue to run efficiently as we continue to optimize and streamline our operations. I am pleased to report that in Abu Dhabi, our USD 1.2 billion Reem Mall project is steadily progressing and was officially topped out in late October after construction reached the highest point for the new mall structure. I look forward to report further milestones for the remainder of the year.”
Positioned on Reem Island, Reem Mall will become the beating heart of a completely new destination with 2 million square feet of retail, leisure, dining, and entertainment choices. This shopping experience is set to include the region’s first fully digitally enabled smart shopping center aligned with an integrated 23,000 sq. ft. logistics hub and connected warehouses to the world’s largest snow play park, Snow Abu Dhabi.
UPAC operates four major projects in Kuwait, including the management and operations of Kuwait International Airport’s Terminal 1 airport mall, parking and related facilities; the management and operations of the parking lots and related facilities at Kuwait International Airport’s Terminal 4; the management and operations of real estate, parking and related facilities at Kuwait International Airport’s Sheikh Saad Terminal, as well as the management of Discovery Mall in Kuwait City.