Kuwait’s leading development and property services business United Real Estate Company has reported an 11 percent growth in profits for the first half of 2016, when compared with the same period last year. Operating profit also rose by 3.6 percent.
The net profit for the six-month period was KD 3 million with earnings per share of 2.8 fils, compared to a net profit of KD 3.65 million in the same period last year. The change was attributed to a slight drop in non-operational profits. In the same period total assets rose 2.8 percent to KD 570 million.
Ahmad Kasem, Acting Chief Executive Officer, URC, said: “In the first half of 2016 we have completed the master plans for a number of new projects in Egypt and Morocco. These projects will spur the company’s overall growth and profitability for the future, and help to achieve our long-term business and strategic goals.”
Kasem added that there were a number of opportunities emerging across the GCC and URC has been positioning itself to take advantage of them. “URC’s diverse portfolio across retail, commercial, leisure, integrated mixed use resorts and residential developments and services has positioned the company to achieve balanced growth in the GCC and MENA region, in addition to strengthening its assets in Kuwait,” he said.
Read the August 2016 issue of Business Review Middle East magazine