United Projects for Aviation Services Company (UPAC), a leading commercial real estate and facilities management company today announced its Q3 2016 financial results. The company recorded Revenues of KD 3.486 million, a 9.7% growth compared to the same period in 2015; and a Net Profit of KD 2.336 million, a 47.2% growth compared to the same period in 2015.
Revenue growth was driven by income generating assets in Kuwait, where UPAC manages a total of over 24,000 square meters of commercial space between the Kuwait International Airport, Sheikh Saad Terminal and other prominent locations in the country. The company is also developing the Abu Dhabi based, Reem Mall in partnership with the National Real Estate Company (NREC) investing up to US$224 million through its real estate subsidiary, over the next three years. The Reem Mall covers an area of 2 million square feet and is slated to become a major retail, leisure, and entertainment destination once complete in 2018..
Financial Highlights – Q3 2016 Revenue:
KD 3.486 million, growth of 9.7% from Q3 2015.
EBITDA: KD 2.528 million, growth of 16.1% from Q3 2015.
Net Profit: KD 2.336 million, growth of 47.2% from Q3 2015.
Earnings per Share (EPS) of 29.76 fils.
Financial Highlights for the first 9 months through to 30 September 2016:
Revenue: KD 9.975 million, growth of 4.1% from 2015.
EBITDA: KD 7.325 million, growth of 7.1% from 2015.
Net Profit: KD 6.163million, growth of 27.1% from 2015.
Earnings per Share (EPS) of 78.49 fils.
Nadia Akil, UPAC CEO said, “We are pleased to report an increase in revenues for the third quarter of 2016. This solid financial performance reflects not only UPAC’s overall plans to optimize and streamline its existing operations in the airport and other properties, but also supports its strategy for future growth within the real estate realm”. In Kuwait, UPAC is credited with introducing and managing the first of its kind fully automated and pre-paid parking system at the Kuwait International Airport.
