United Projects for Aviation Services Company (UPAC), a leading commercial real estate and facilities management company, today announced its financial year end results for 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.
For Q4 2018, UPAC reported a net profit of KD 2.18 million, compared to KD 2.79 for the same period in 2017. The company recorded revenues of KD 3.19 in Q4 2018, compared to KD 3.47 million in Q4 2017.
The Board of Directors is proposing to the Annual General Assembly of the shareholders a cash dividend distribution of 21% of nominal value (21 fils per share), subject to the shareholders’ final approval.
Nadia Akil, Chief Executive Officer – UPAC, said: “2018 has been another strong year at UPAC, with significant milestones reached. 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 as of last week. 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. In November 2018, the company signed a five-year concession contract with a value of KD 5.352 million with the Incheon International Airport Corporation, under the auspices of the Director General for Civil Aviation, for the development operation and management of the parking lot and related facilities at Kuwait International Airport’s Terminal 4.
Akil said: “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. The company’s ongoing capital increase has also been approved by the Capital Markets Authority and other relevant authorities, and is progressing as per plan.”
2018 Financial Highlights:
| FY 2018 (Million KD) |
FY 2017 (Million KD) |
Variance (%) |
Q4 2018 (Million KD) |
Q4 2017 (Million KD) |
Variance (%) |
|
|---|---|---|---|---|---|---|
| Revenue | 13.72 | 13.99 | -1.98% | 3.19 | 3.47 | -8.19% |
| Net Revenue | 12.52 | 12.76 | -1.90% | 2.95 | 3.20 | -7.76% |
| EBITDA | 9.59 | 9.87 | -2.89% | 2.00 | 2.79 | -28.30% |
| Net Profit | 9.75 | 9.68 | 0.79% | 2.18 | 2.79 | -21.89% |
| EPS (fils) | 80.30 fils | 98.28 fils |
