UPAC Reports Q2 2022 Financial Results
11 August 2022, Kuwait
United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, announced today its financial results for the second quarter of 2022. The company recorded a revenue of KD 2.44 million up 36.8% from 2021. UPAC's also recorded a net profit of KD 432 thousand or 1.14 fils per share with a decrease of 49.2% compared with 2021 mainly due to a one off settlement of KD 2 million received from the Directorate General of Civil Aviation (DGCA) in 2021 which represent the companys dues towards services carried out at Kuwait International Airport.
Nadia Akil, Chief Executive Officer at UPAC, said: “We've witnessed steady progress in our second quarter results, which are in line with our expectations. Overall operations at Kuwait International Airport have rebounded, particularly with the increased travel for the summer season. We are happy to see that flight volumes are returning to previous levels, and look forward to a positive year ahead.”
In Abu Dhabi, Reem Mall is set to become the region's leading leisure, shopping, and lifestyle destination, with 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.