Kuwait-based United Real Estate Company (URC) has reported a 41.64% increase in its net profit for the first quarter which rose to KD1.6 million ($5.21 million) from last year's figures of KD1.13 million.
A leading real estate developer and investor in Kuwait and the Mena region, URC said it primarily operates through a number of operating subsidiaries and investment arms across the Mena region.
URC's core business is real estate development and operations and enjoys a diversified portfolio of assets that include retail complexes, hotels, residential properties, and high-rise office buildings.
Announcing its results for the three-month period ended March 31 2022, URC said the operating profits increased by 7.05%, reaching KD3.51 million for the quarter compared to KD3.28 million reported in the first quarter of 2021.
The growth was mainly driven by the normalisation and easing of pandemic restrictions which resulted in increased revenues from shopping centres rentals, hospitality sector and real estate services, it added.
Headquartered in Kuwait, URC was founded in 1973 and was listed on the Kuwait Stock Exchange in 1984. As of March 31, 2022, URC boasts consolidated assets of KD596 million ($1.95 billion).
Commenting on the results, URC Vice Chairman and Group CEO Mazen Issam Hawwa, said, “The Company’s net profit saw an increase during the first quarter of this year driven by renormalization and ease in pandemic restrictions, thereby, increased revenues from shopping centers rentals, hospitality sector, real estate services.”
"URC continues developing communities through various real estate properties in hospitality, commercial and residences which embraces a customer-centricity approach coupled with trending aspirations,” stated Hawwa.
According to him, the demand for “Hessah District” residences increased by desired homeowners seeking luxury high-rise living with unobstructed seaside and city views.
With expected completion by Q4 2022, Hessah Towers has reached 71% in total sold units, while Byout Hessah has reached 52% with expected completion in 2023.
Furthermore, the occupancy rate of the residential units at "Raouche View 1090" in Lebanon exceeded 80% due to its latest leasing agreement.-TradeArabia News Service