UPAC Reports 75.25% Increase in Profits for Q1 2023
15 May 2023, 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 2023. The company recorded a net profit of KD KD 587 thousand or 1.55 fils per share, an increase of 75.25%, on revenue of KD 2.6M up 14.1% from 2022.
Nadia Akil, Chief Executive Officer at UPAC, said: “Our first quarter results were positive and in line with our expectations. We anticipate the positive trend continuing through 2023. We are pleased to see that overall operations, along with flight volumes, are back to normal levels. We witnessed a strong rebound in operations at Kuwait International Airport during the first quarter, particularly around the holiday season in February. We expect UPAC to benefit from increases in daily flights and passenger volumes throughout 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.
UPAC is also a co-investor in Abu Dhabi’s $1.3 billion Reem Mall on Reem Island. The mall is home to 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.
Akil said: “We are glad that Reem Mall is welcoming visitors since it opened to the public in February 2023. As of the end of March, we have 82 units operating, and we have been welcoming Abu Dhabi residents and visitors. We expect openings by more tenants over the coming months.”