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UPAC records KD 2.5m net profits in 3Q18

November 7, 2018

KUWAIT: 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 2018. UPAC recorded a net profit of KD 2.5 million in Q3 of 2018, an increase of 2.3% over the same period in 2017. The company’s net profit amounted to KD 7.575million in the nine months of 2018, an increase of 10% compared to 2017.

Nadia Akil, Chief Executive Officer – UPAC, said, “Our indicators are on par with expectations, with our net profits increasing steadily during the third quarter of the year. Growth continues to be driven by our income generating projects at the Kuwait International Airport as well as other prominent projects in the country. Construction of Abu Dhabi’s Reem Mall is moving ahead according to schedule. Al the above elements give us confidence and optimism that we are on the right track. I look forward to report further milestones for the remainder of the year.”

Reem Mall in Abu Dhabi has been progressing smoothly, with construction on schedule and expected to be complete by the end of 2020.As of August 2018, more than sixteen tower cranes have been erected, over 4,800 labor and staff on site and over 173,000 m3 of reinforced concrete has been cast in place, with some sections now reaching level 4. Upon completion, the project will encompass 350,000 m3 of reinforced cement concrete, 75,000 tons of rebar, 10,000 tons of structural steel and 75,000 m2 of pre-cast hollow-core concrete panels for a total built up area of over 650,000 m2.

UPAC’s operations of the commercial space and facilities at the Kuwait International Airport, Sheikh Saad Terminal, and Discovery Mall are operating at almost full capacity, with a continued focus on optimization and efficiency.

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