UPAC Reports KD 2.6 Million Revenues in Q3 2022

06 November 2022, Kuwait

United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, announced Q3 net profit of KD 752 thousand, or 1.99 fils per share, an increase of 1768% over Q3 2021 and a revenue of KD 2.6 million, an increase of 29.2% over same period last year.

The company’s net profit for the first nine months of 2022 was KD 1.52 million, up 122% compared from 2021. Revenue for the first nine months was KD 7.34 million, an increase of 34.2% compared with 2021.

Nadia Akil, Chief Executive Officer at UPAC, said: “We’ve witnessed steady progress in our quarterly results, which are in line with our expectations. Overall operations at Kuwait International Airport are stable and have rebounded from the previous couple of years. We are seeing a steady flow in flight volumes which are gradually returning to previous levels. We look forward to continue seeing this positive momentum.”

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 airport facilities: the management and operations of Kuwait International Airport’s Terminal 1 airport mall, parking and related facilities; 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.