UPAC Reports Q3 2021 Earnings Increase

09 November 2021, Kuwait

United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, today announced third-quarter Revenue of KD 2.03 million, an increase of 11% compared with the same period in 2020. Q3 earnings also rose, increasing 169%, to KD 44 thousand, compared to negative earnings of KD 65 thousand from the third quarter in 2020.

UPAC’s Q3 EBITDA increased 4%, to KD 1.04 million, compared to KD 1.0 million for the same period in 2020. UPAC’s improved numbers are the result of gradual resumption in passenger air traffic and an overall improvement in operating performance.

Nadia Akil, Chief Executive Officer at UPAC, said: “Airport operations are showing signs of a gradual recovery, and we are hopeful to see a continued air traffic pickup as airlines add flights and move closer to full operations. I am also pleased to report that our Abu Dhabi mega mall, Reem Mall is shaping up and construction is now 97% complete.”

The mall, located on Abu Dhabi’s Reem Island, will feature over 2 million square feet of retail, leisure, dining, and entertainment options. It will include the region’s first fully integrated omni-channel retail ecosystem with digital, e-commerce and logistics capabilities. Reem will also be home to one of the world’s largest indoor snow play parks, “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 parking and related facilities at Terminal 4, the dedicated Kuwait Airways terminal.