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URC records profit of KD11.2 million

Engineer Mohammed Ahmed Al Saqqaf and Tariq Mohammed AbdulSalam

Engineer Mohammed Ahmed Al Saqqaf and Tariq Mohammed AbdulSalam

KUWAIT: United Real Estate Company (URC), the MENA region’s leading real estate developer, held its General Assembly Meeting yesterday at Al Shaheed Tower, announcing a net profit of KD11.2 million for 2013. The company’s operational profit was KD20 million, an increase of 94% compared to the same period in 2012.

Tariq Mohammed AbdulSalam, Chairman of URC was quoted saying: “We have been consistent in implementing our strategic goals and objectives at URC, which include the diversification of our income stream on a regional level. Additionally, we have restructured our portfolio by selling our nonincome generating assets, yet maintaining enough exposure in our portfolio to allow for future development plans. Furthermore, the company has maintained its level in performance by achieving a net profit of 11.2 million Kuwaiti Dinars as of year-end 2013, compared to KD22.5 million in 2012.” Engineer Mohammed Ahmed Al Saqqaf URC’s CEO said: “United Real Estate Company (URC) has demonstrated yet another year of success in achieving its strategic goals for 2013.

The key objectives for 2013 were to optimize and strengthen the company’s financial profile, increase our recurring income, and manage the development of our projects diligently and efficiently. URC’s objectives for 2014 will include further enhancing operational revenues, reducing operational expenses and continuing to rationalize assets’ sales activities. URC will also focus on accelerating the sales and leasing activities for projects under construction, namely Abdali Mall, in Amman, Jordan.” The General Assembly agenda included the approval of the company’s 2013 Financial Statements and the proposed 8% cash dividend distribution. URC’s current projects under development include Abdali Mall in Jordan, Raouche View at 1090 residential building in Lebanon, and Aswar Residences in Egypt all of which are expected to be complete in 2015. URC has also started developing a unique hospitality and residential project known as Junoot in Shuwaimiyah, Oman

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