UPAC Holds it AGM for the Financial Year Ending 31st December 2019
30 June 2020, Kuwait
United Projects for Aviation Services Company (UPAC), a specialized commercial real estate and facilities management company, held today its Annual Ordinary General Assembly Meeting at its premises, with a quorum of 95.214%.
UPAC shareholders approved all the items on the AGM agenda, including UPAC’s audited financial results. They endorsed the Board of Directors’ recommendation not to distribute dividends for the fiscal year ending 31 December 2019, for the purpose of strengthening the company’s financial position and covering its expansion plans, namely its ongoing investment in the Reem Mall project in Abu Dhabi.
In 2019, UPAC recorded a net profit of KD 8.95 million, compared to KD 9.75 million in 2018. UPAC revenue amounted to KD 13.42 million in 2019 compared to KD 13.72 million in 2018.
Nadia Akil, Chief Executive Officer – UPAC, said: “2019 was a challenging yet stable year. Our airport operations underwent changes following the shift of passenger traffic to dedicated airline terminals at Kuwait International Airport. We also launched our parking operations at Terminal 4, the dedicated Kuwait Airways terminal. Although it was a startup operation, we were able to generate additional revenue streams and partially offset the business impact of the wider airport changes.”
The company currently operates four major projects in Kuwait, and has one in Abu Dhabi currently under development. UPAC operations at Kuwait International Airport’s main Terminal 1 include the management of real estate at the airport mall, parking and related facilities, in addition to the management of parking facilities at the airport’s Terminal 4, as well as Sheikh Saad Terminal, and Discovery Mall in Kuwait City.
Akil said, “At the Kuwait International Airport, we are currently working on introducing and implementing new digital services and automated parking and payment features for customers at Terminals 1 and 4. Our aim is to enhance our customers’ experience with smooth and quick access when travelling or visiting the airport mall.”
Reem Mall, UPAC’s $1.2bn mega-project in Abu Dhabi, is progressing well with construction moving ahead at a stable pace, she said.
Akil said: “I would like to take this opportunity to thank our employees for their dedication and commitment. I also thank our loyal shareholders for their support and confidence during these critical times.”