United Projects for Aviation Services Company (UPAC), a leading commercial real estate and facilities management company, today reported earnings of KD 8.4 million (107.52 fils per share) for full-year 2016, an increase of 24% from the prior year. UPAC revenue rose 3.6% to KD 13.2 million, compared with KD 12.7 million in 2015 .
Growth was driven by the company’s income-generating projects in Kuwait, where UPAC manages more than 24,000 square meters of commercial space at the Kuwait International Airport, Sheikh Saad Terminal, and Discovery Mall.
UPAC is also developing Reem Mall in Abu Dhabi in partnership with National Real Estate Company (NREC) and has committed to invest up to $224 million to support equity funding into the project. Upon completion, Reem Mall will be a major retail, leisure and entertainment destination covering two million square feet.
Company Update :
In September 2016, UPAC’s Extraordinary General Assembly approved a KD 30 million increase in the Company’s authorized share capital. This increase will serve to further boost UPAC’s liquidity and support planned investments and growth opportunities within its core markets.
In February 2017, UPAC’s Extraordinary General Assembly approved the amendments to its Company’s Articles to include a wider scope of real estate activities to support its long-term growth strategy.
Financial Highlights 2016 :
Net Profit: KD 8.4 million, up 24% from 2015
Earnings Per Share (EPS) of 107.52 fils, up 25% from 2015
EBITDA: KD 9.8 million, up 5% from 2015
Revenue: KD 13.2 million, up 3.6 % from 2015
Outlook :
Our profits have increased steadily year-over-year, and our strong showing in 2016 reflects UPAC’s commitment to improving efficiency and cost in existing operations, as well as setting the stage for future expansion and growth,” said Nadia Akil, CEO UPAC. “Growing our customer base and expanding our presence in the commercial real estate domain within Kuwait and the wider GCC continues to be our main priority going forward, with the Reem Mall project offering an enormous opportunity for the company’s future growth
