UPAC Reports Q1 2022 Financial Results

16 May 2022, Kuwait

United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, announced today its financial results for the first quarter of 2022. The company recorded a net profit of KD 334,914 or 0.89 fils per share, an increase of 206%, on revenue of KD 2,274,539 up 37.5% from 2021. UPAC’s EBITDA increased 62%, to KD 1,335,053 compared with 2021.

Nadia Akil, Chief Executive Officer at UPAC, said: “Our first quarter results are in line with our expectations, as we’ve witnessed a rebound of overall operations at Kuwait International Airport during the first quarter, particularly around the holiday season in February. We are happy to see that flight volumes are gradually returning to previous levels, and look forward to a positive year ahead.”

“At Reem Mall, Carrefour Hypermarket opened its doors in late February and has been welcoming Abu Dhabi residents and visitors where shoppers are able to familiarise themselves with the location and layout of the mall,” Akil added.

Reem Mall in Abu Dhabi, which is being co-developed by UPAC, 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.

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.