UPAC Holds it AGM for the Financial Year Ending 31st December 2018

9 April 2019 | Kuwait

UPAC Holds it AGM for the Financial Year Ending 31st December 2018

United Projects for Aviation Services Company (UPAC), a leading commercial real estate and facilities management company, held today its Annual Ordinary General Assembly Meeting at the Public Authority for Industry, with a quorum of 95.439%.

The company’s shareholders approved all the items on the agenda, including UPAC’s audited financial results, and endorsed the Board of Directors’ recommendation for a cash dividend distribution of 21% of nominal value (21 fils per share). These dividends are entitled for the shareholders who will be registered on the company’s shareholders’ record on 24 April 2019. Dividends will be distributed on 02 May 2019

In 2018, UPAC recorded a net profit of KD 9.75 million, an increase of 0.79% over 2017. UPAC recorded revenue of KD 13.72 million in 2018 compared to KD 13.99 million in 2017.

Tarek Al Mousa, Chairman of the Board – UPAC, said: “I am pleased to share that 2018 has been another strong year at UPAC, with significant milestones accomplished. UPAC’s stable profitability and solid revenues year-on-year are good indicators of our progress and growth. UPAC is now operating four major projects in Kuwait, with the three current projects running optimally, and the recent inclusion of managing the parking lot and related facilities at Kuwait International Airport’s Terminal 4 (T4), where we have commenced operations in February. We look forward to increasing UPAC’s portfolio both locally and within the region.”

UPAC currently manages the operations of Kuwait International Airport’s main Terminal 1 parking and related facilities, including the airport mall, in addition to the management of real estate and parking facilities at the airport’s Sheikh Saad terminal and Discovery Mall in Kuwait City. The construction and development of our major project in Abu Dhabi, Reem Mall, is moving as per schedule and is set to open in late 2020.

Al Mousa concluded: “I would like to take this opportunity to thank our valued shareholders, customers and employees for their continued support and loyalty. We look forward to another year of solid growth at UPAC.”

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United Projects for Aviation Services Company

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.