News Update

 

UPAC Reports KD 2.413 million Net Profit in Third Quarter of 2017

United Projects for Aviation Services Company (UPAC), a leading commercial real estate and facilities management company, today announced its financial results for the third quarter of 2017. The company recorded a net profit of KD 2.413 million for the third quarter of 2017, a 3.02% increase over the same period in 2016. UPAC’s revenues grew by 2.73% to KD 3.582 million, compared to KD 3.486 million during Q3 2016.

Nadia Akil, Chief Executive Officer – UPAC said, “The steady progress UPAC has made over the past nine months indicates our stable profitability. These positive results reflect our continued progress every quarter and we are optimistic about UPAC’s financial growth, driven by our ambitious plans for the remainder of the year.”

“We remain focused on optimizing and streamlining our existing operations at the Kuwait International Airport, Sheikh Saad Terminal, and Discovery Mall. We continue to develop our strategy in growing our footprint and expanding in commercial real estate across the region, with Abu Dhabi’s Reem Mall as our stepping stone in that arena.”

Akil concluded: “We thank our customers, employees and our valued shareholders for their continued support and loyalty.”

Q3 2017 Financial Highlights:

  • Revenues: KD 3.582 million, an increase of 2.73% to Q3 2016
  • EBITDA: KD 2.428 million, an decrease of 3.96% to Q3 2016
  • Net Profit: KD 2.413 million, an increase of 3.02% to Q3 2016
  • Earnings per share (EPS): 25.26 fils, an increase of 2.89% to Q3 2016