UPAC Announces 2023 Financial Year-End Results

28 March 2024 | Kuwait

UPAC Announces 2023 Financial Year-End Results

  • Net Profits Jump 133% in 2023 amounting to KD 1.61 million
  • Revenue Up 2.6% recording KD 10.14 million

KUWAIT – 28 March 2024 – United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, announced its full year 2023 revenue of KD 10.14 million up 2.6% from 2022, with a net profit of KD 1.61 million up 133% from 2022, or 4.06 fils per share.

The Board of Directors has recommended no distribution of dividends for the fiscal year ending December 31, 2023. This recommendation is subject to the approval of UPAC’s General Assembly.

Nadia Akil, Chief Executive Officer at UPAC, said: “Our full-year results were in-line with our expectations and the improved numbers were mainly a result of the rebound in airport-related services and an increase in the frequency of daily flights and travelers at Kuwait International Airport. We are committed to providing value for our shareholders while ensuring we continue to provide solid business performance for our customers. We anticipate steady growth during 2024.”

Earlier in 2024, UPAC’s contract to develop and manage Kuwait International Airport’s Terminal 4 parking lot and related facilities expired, following which the company took all the necessary measures to handover and deliver the project to Incheon International Airprots Company (IIAC), the current manager of T4.

UPAC is a co-investor in Abu Dhabi’s $1.3 billion Reem Mall on Reem Island. The mall officially opened to the public in February 2023. The mall is the region’s first, fully integrated omnichannel retail ecosystem with digital, e-commerce, and logistics capabilities. It brings together all consumer and retail services to ensure a seamless customer experience.

To date, 153 units are currently trading and almost 72% of Gross Leasable Area (GLA) is already committed. UPAC expects additional openings by more tenants in coming months.

In Kuwait, UPAC operates two 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.



About UPAC

Established in 2000, publicly listed on Boursa Kuwait, and headquartered in Kuwait, UPAC is a leading commercial real estate and facilities management company with a specialization in Build Operate Transfer (BOT) initiatives. Its services cover project management and consultancy, real estate development as well as property and facilities management. UPAC manages over 24,000 sqm of commercial space at the Kuwait International Airport (Terminal 1), Sheikh Saad Terminal. UPAC is part of the Kuwaiti-led consortium developing Abu Dhabi’s Reem Mall, a $1.3 billion project spread over 270,000 sqm.  For more information, please visit the website: www.upac.com.kw

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UPAC is a leading player in commercial projects that foster development and growth in the region’s real estate sector. We offer fast decisions, minimal bureaucracy and maximum dependability and we use our expertise to provide Kuwaiti government agencies the consultancy required to achieve long-term projects.