UPAC Reports Third Quarter Results
12 November 2020, Kuwait
United Projects for Aviation Services Company (UPAC), a specialized commercial real estate and facilities management company, today announced its financial results for the third quarter of 2020, reporting KD 1.8 million in revenues, and KD 1 million EBITDA, a decline of 47.5% and 61.6% respectively when compared to the same period in 2019.
Nadia Akil, Chief Executive Officer at UPAC, said: “As reported during the first half of the year, the declines in our revenues are largely due to the impact of the COVID-19 pandemic and the cessation of operations at the Kuwait International Airport during the lockdown period and subsequent resumption of traffic at a lower capacity. Business is starting to show signs of gradual recovery as UPAC continues taking measures to reduce the negative impact on its operations. Despite these challenges, we continued to optimize and improve our digital services to enhance the customer experience at Kuwait International Airport’s Terminal 1 and Terminal 4. Our aim is that when traffic starts to pick up again, our customers will witness various digital improvements that we are in the process of implementing, and an overall enhanced airport experience.”
Construction at Abu Dhabi’s Reem Mall is ongoing and over 70% complete. To date all infrastructure bridge decks connecting to the mall are complete, with the final roofing elements being installed. Positioned on Reem Island, Reem Mall will become the ultimate destination with 2 million square feet of retail, leisure, dining, and entertainment choices, featuring the region’s first fully integrated omni-channel retail ecosystem with fully enabled digital, ecommerce and logistics capabilities, and including the world’s largest snow play park, Snow Abu Dhabi.
Akil added: “I am pleased that construction of Abu Dhabi’s Reem Mall continues to progress at a steady pace with the snow park also gearing up to become a unique entertainment spectacle. We are also excited to introduce the mall’s first-of-its-kind consolidated digital application bringing together all consumer and retailer services under a single digital platform, ensuring a seamless experience for both retailers and customers. We look forward to keeping our stakeholders up-to-date with further developments going forward.”