KUWAIT – 16 May 2024 – United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, announced today its financial results for the first quarter of 2024. The company reported net profits of KD 649 thousand up 3.2% from 2023, or 1.63 fils per share, with revenues of KD 2.24 million down 13.8% from 2023.
Nadia Akil, Chief Executive Officer at UPAC, said: “Our first quarter results were in-line with our expectations. Our revenues witnessed a drop this quarter, which were mainly due to the end of the term of the Terminal 4 contract and a reduction in the services provided in Terminal 1. We are committed to providing value for our shareholders while ensuring we continue to provide solid business performance for our customers. We anticipate steady growth during 2024.”
In Kuwait, UPAC operates two major projects, including the management and operations of Kuwait International Airport’s Terminal 1 airport mall, parking and related facilities, as well as the management of real estate and parking facilities at the airport’s Sheikh Saad terminal (T3).
UPAC is a co-investor in Abu Dhabi’s $1.3 billion Reem Mall on Reem Island. The mall is the region’s first, fully integrated omnichannel retail ecosystem with digital, e-commerce, and logistics capabilities. It brings together all consumer and retail services to ensure a seamless customer experience.
Akil said: “We are glad that Reem Mall is welcoming visitors since it opened to the public last year. As of the end of March, we have 163 units operating, and almost 74% of Gross Leasable Area (GLA) is already committed. We have been welcoming Abu Dhabi residents and visitors since February 2023 and expect a consistent momentum of new unit openings over the coming months.”
About UPAC
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 270,000 sqm. For more information, please visit the website: www.upac.com.kw
