UPAC Reports 28.7% Increase in Revenue in 2022

30 March 2023, Kuwait

United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, announced its full year 2022 revenue of KD 9.89 million up 28.7% from 2021, with a net profit of KD 690 thousand or 1.67 fils per share.

The Board of Directors has recommended no distribution of dividends for the fiscal year ending December 31, 2022. This recommendation is subject to the approval of UPAC’s General Assembly.

Nadia Akil, Chief Executive Officer at UPAC, said: “I’m pleased with our results and with UPAC’s performance in 2022. The company’s improved numbers are mainly a result of the gradual resumption in air passenger traffic at Kuwait International Airport throughout 2022. We are happy to see that overall operations as well as flight volumes are returning to normal levels, where UPAC expects to benefit from increases in daily flights and passenger volumes in 2023 and beyond.”

“I’m also pleased to report that Reem Mall has opened to the public in February 2023, with about 45 units operating to date. With one of the mall’s main anchors, Carrefour Hypermarket already open since earlier in 2022, we’ve been welcoming Abu Dhabi residents and visitors where shoppers were able to familiarise themselves with the location and layout of the mall. UPAC expects a gradual opening by more tenants over the coming months,” Akil added.

Abu Dhabi’s $1.3 billion Reem Mall is the region's first, fully integrated omni-channel retail ecosystem with digital, e-commerce, and logistics capabilities. It brings together all consumer and retail services to ensure a seamless customer 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.