UPAC Reports 2021 Financial Year-End Results

30 March 2022, Kuwait

United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, announced full year 2021 net profit of KD 914,230 or 2.42 fils per share, an increase of 118.2%, on revenue of KD 7,681,241 up 14.14% from 2020.

UPAC's EBITDA increased 91.76%, to KD 4,970,898 compared with 2020.

The Board of Directors has recommended no distribution of dividends for the fiscal year ending December 31, 2021. This recommendation is subject to the approval of UPAC's General Assembly.

Nadia Akil, Chief Executive Officer at UPAC, said: “I'm pleased to report that UPAC's performance stabilized in 2021. The company's improved numbers are mainly as a result of the gradual resumption in air passenger traffic and overall improvements in operating performance during the second half of the year.”

“Throughout 2021, we worked closely with the Directorate General of Civil Aviation and other government authorities to ensure all the necessary steps were taken to contain the pandemic in Kuwait and to ensure a smooth resumption of activity once airport traffic picked up. We are happy to see that flight volumes are returning to normal levels, and we are looking forward to a promising year 2022.”

In Kuwait, UPAC operates three major projects, 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.

Akil said Reem Mall in Abu Dhabi, which is being co-developed by UPAC, had achieved a “great milestone” with the February opening of Carrefour Hypermarket. “I congratulate Majid Al Futtaim and Carrefour's teams, as well as Reem Mall's team, all of which have worked tirelessly to ensure a successful opening for our anchor customer.”

Positioned on Reem Island, Reem Mall is set to become the region's leading leisure, shopping, and lifestyle destination with nearly 2.8 million square feet of retail, leisure, dining, and entertainment choices including one of the world's largest indoor snow parks, “Snow Abu Dhabi”. The mall will be home to a first-of-its-kind, fully integrated omni-channel retail ecosystem with digital, e-commerce and logistics capabilities, bringing together all consumer and retailer services to ensure a seamless experience.