UPAC Reports First Quarter Financial Results of 2021
6 May 2021, Kuwait
United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, today reported KD 1.65 million in revenues for the first quarter of 2021, down 38.7% from the same period a year earlier. The company also reported an 86.9% decrease in losses during Q1 of 2021 amounting to KD (0.22) million compared to KD (1.66) million loss during Q1 of 2020.
Nadia Akil, UPAC Chief Executive Officer, said: “As we’ve reported during the course of 2020, the decline in our revenues and profits are largely due to the impact of the COVID-19 pandemic and the cessation of operations at the Kuwait International Airport and the continuation of travel restrictions imposed as a result of the pandemic. UPAC continues to take various measures to reduce the negative impact on its business, and with the vaccination program fully underway in Kuwait, the operation is starting to show signs of a gradual recovery as we expect to see air traffic pick up by the third quarter of 2021.”
Construction of Abu Dhabi’s Reem Mall is progressing smoothly, with more than 90% complete and in line with planned targets. Positioned on Reem Island, Reem Mall will be an attractive destination with over 2 million square feet of retail, leisure, dining, and entertainment options. It will feature the region’s first fully integrated omni-channel retail ecosystem with fully enabled digital, e-commerce and logistics capabilities. Reem will be home to the world’s largest snow play park, Snow Abu Dhabi.
UPAC operates three 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 and the parking lot and related facilities at Terminal 4, the dedicated Kuwait Airways terminal.