UPAC Holds it AGM for the Financial Year Ending 31st December 2017

24 April 2018, KUWAIT

United Projects for Aviation Services Company (UPAC), a leading commercial real estate and facilities management company, held today its Annual Ordinary General Assembly Meeting at the Public Authority for Industry, with a quorum of 94.890%.

The company’s shareholders approved all the items on the agenda, including UPAC’s audited financial results, and endorsed the Board of Directors’ recommendation for a cash dividend distribution of 121% of nominal value per share (121 fils per share). These dividends are entitled for the shareholders who will be registered on the company’s shareholders’ record on 15 May 2018. Dividends will be distributed on 23 May 2018.

In 2017, UPAC reported a net profit of KD 9.64 million (101.33 fils per share), an increase of 14.23% compared with KD 8.44 million in 2016. UPAC’s revenue increased by 5.83% in 2017 to KD 13.99 million, compared with KD 13.22 million in 2016.

Nadia Akil, Chief Executive Officer – UPAC, said, “UPAC has witnessed significant milestones over the course of the year, primarily driven by the developments taking place with Abu Dhabi’s Reem Mall. We continue to develop our strategy in growing our footprint and expanding in commercial real estate across the Middle East, with Abu Dhabi’s Reem Mall as our stepping stone in that arena. The company’s stable profitability and solid revenues year-on-year are positive indicators that we are on the right track.”

The development of Reem Mall, the $1.2 billion project being developed between UPAC and the National Real Estate Company (NREC), is well underway with several important milestones having been met successfully in 2017 including the final closure of the financing for Reem Mall as well as the appointment of Itinera Ghantoot as the lead contractor for the project, with construction well underway.

UPAC continues to focus on optimizing existing operations and improving efficiencies within the properties it manages. Growth was driven by the company’s income generating projects in Kuwait, including the Kuwait International Airport, Sheikh Saad Terminal, and Discovery Mall, where it currently manages commercial space and facilities at almost full capacity.

Akil concluded: “I would like to take this opportunity to thank our valued shareholders, customers and employees for their continued support and loyalty. We look forward to another year of solid growth at UPAC.”