UPAC Holds it AGM for the Financial Year Ending 31st December 2021

25 May 2022, Kuwait

United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, held today its Annual Ordinary General Assembly Meeting virtually, with a quorum of 96.693%.

UPAC shareholders approved all the items on the AGM agenda, including UPAC’s audited financial results. They endorsed the Board of Directors’ recommendation not to distribute dividends for the fiscal year ending 31 December 2021.

In 2021, UPAC recorded a 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.

Nadia Akil, Chief Executive Officer – 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.”

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.

In Abu Dhabi, Reem Mall achieved an important milestone with the February 2022 opening of Carrefour Hypermarket.