UPAC Holds its Ordinary and Extraordinary General Assembly Meeting

16 May 2021, Kuwait

United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, held today its Annual Ordinary General Assembly Meeting (AGM) for the fiscal year ending on 31st December 2020, and the Extraordinary General Assembly Meeting (EGM), via electronic means, with a quorum of 95.512% of the total Company’s shares.

During the ordinary meeting, shareholders approved all the items on the AGM agenda, including UPAC’s audited financial statements for the fiscal year ending on 31st December 2020 and endorsed the Board of Directors’ recommendation against the distribution of dividends for the same fiscal year 2020.

The shareholders also approved all the items on the agenda of the EGM, which included increasing the company’s authorized share capital to KD 113,250,000 distributed into 1,132,500,000 cash shares, each with a nominal value of 100 fils.

In 2020, UPAC revenue declined to KD 6.73 million, a decrease of 49% from 2019, and EBITDA declined 69% from 2019 to KD 2.59 million. UPAC recorded also a net loss of KD (3.27) million, equivalent to loss per share of (13.3) fils, a decrease of 135% from 2019.

Nadia Akil, Chief Executive Officer at UPAC, said: “2020 was challenging; although we took necessary steps to reduce cost and mitigate related risks during the course of the year, our operations in Kuwait were directly impacted by the various measures taken by the government to limit travel in response to the COVID-19 pandemic. We continue to work closely with the Directorate General of Civil Aviation and other government authorities as they take steps to contain the pandemic in Kuwait and ensure a smooth transition once airport traffic picks up again.”

Akil added: “Despite these challenges and a difficult work environment, most of our essential operations have continued undisrupted, even during the lockdown period. We continue to optimize and improve our digital services to enhance the customer experience at Kuwait International Airport’s Terminal 1 and Terminal 4.”

Construction at Abu Dhabi’s Reem Mall is ongoing and as of December 2020, was more than 75% complete. Positioned on Reem Island, Reem Mall will become the region’s leading leisure, shopping, and travel destination with 2 million square feet of retail, leisure, dining, and entertainment choices including the world’s largest snow play park, Snow Abu Dhabi. The mall will also be home to a first-of-its-kind integrated omni-channel retail ecosystem with fully enabled digital, e-commerce and logistics capabilities, bringing together all consumer and retailer services ensuring a seamless experience for consumers and retailers.

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.”