UPAC Reports First-Half Results for 2020
16 August 2020, Kuwait
United Projects for Aviation Services Company (UPAC), a specialized commercial real estate and facilities management company, today announced its first-half results, reporting revenues of KD 3.2M, a decline of 52% from the same period in 2019 and a net loss of KD 4.4M.
The declines were largely due to the impact of the COVID-19 pandemic and related measures taken to halt international travel to and from Kuwait International Airport as well as the subsequent closures of all shopping malls across the country.
Nadia Akil, Chief Executive Officer at UPAC, said: “The first half of 2020 has been challenging given most of our operations in Kuwait were directly impacted by the measures brought on in response to the COVID-19 pandemic. Although we took immediate key steps to reduce cost and mitigate other related risks during this volatile period, our operations were severely affected by the closure of the airport and related facilities. However, we hope that as traffic starts to pick up again, albeit at reduced capacity, our operations will begin to recover as well, and that we will soon see traffic build to pre-COVID-19 levels.”
Akil said: “Despite these challenges, we have continued to take important steps to continue supporting our customers and community during the pandemic. In an effort to further reduce the overall economic impact felt across most sectors, including small businesses, UPAC offered three-month rental waivers for all its tenants in the Airport Mall and at Discovery Mall. Although most of our operations were stalled due to the pandemic, many of our essential operations continued without disruption throughout the closure period. One example is the complimentary park and related services that we offered in support of the Directorate General of Civil Aviation’s repatriation. We took these steps because we believe it is important for us to help ensure business sustainability in the long term.”
UPAC continues working to optimize operations and improve digital services to enhance the customer experience at Kuwait International Airport’s Terminal 1 and Terminal 4.
Construction of Reem Mall in Abu Dhabi is moving ahead at a steady pace, and all essential blockwork has substantially been completed. Delivery of the Snow Park rides is expected to begin at the end August. The Mall will feature a complete omni-channel retail ecosystem with fully enabled digital, e-commerce and logistics capabilities. It will be home to a unique mix of retail, leisure and dining experiences strategically located in the heart of Abu Dhabi.