United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, today announced Q3 2024 results, reporting net profit of KD 350 thousand, or 0.9 fils per share, on revenue of KD 2.12 million, down 20% compared to the same period last year.
Net profit for the nine months of the year was KD 1.66 million, reduced by 54%, or 4.3 fils per share, compared with the same period last year. The company’s revenue was KD 6.54 million, down by 15%, compared to same period of 2023.
Nadia Akil, Chief Executive Officer at UPAC, said: “Although operations have been steady, the reduction in UPAC’s third quarter results are mainly attributed to the reduction in revenues due to end of the T4 parking contract earlier this year, as well as to a one-off gain of KD 1.7 million during the same period last year.”
“The Al Messilah Beach Project (Plage-2) site has been officially handed over from The Touristic Enterprises Company (TEC) on 4 September 2024. Planning for the project has been progressing, where our teams have been working on preparing the project for its opening and operation, meeting the relevant partners, and potential vendors who we will be working with us on this exciting new project,” Akil added.
Al Messilah Beach, one of Kuwait’s prime family entertainment destinations, was developed by TEC as part of its role in spearheading growth of Kuwait’s tourism sector. The project spans more than 70,000 SQM at a prime location in Messilah and aims to be a major draw for Kuwaitis and visitors. UPAC will manage all aspects of the site including leasing, entertainment activities, facility management, and overall project operations.
In September, UPAC had announced that Eng. Hamad Malallah has been named as its new CEO, effective from 1 January 2025, succeeding Nadia Akil, who served as the company’s CEO from 2012 until her recent appointment as CEO of Reem Mall in Abu Dhabi, UAE. Akil helped lead the completion of Reem Mall, the $1.3 billion mega-mall.
UPAC co-developed Reem Mall in partnership with Agility Global and National Real Estate Holding Company (NREC). As of the end of September, Reem Mall had 183 units in operation and 81% of Gross Leasable Area (GLA) committed.
In Kuwait, UPAC manages operations of Kuwait International Airport’s Terminal 1 (T1) airport mall, parking, and related facilities, as well as real estate and parking facilities at the Sheikh Sa’ad Airport Terminal (T3).
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 nearly 270,000 sqm. For more information, please visit the website: www.upac.com.kw
