United Real Estate posts $7m Q1 profit
Kuwait, May 2, 2013
Kuwait-based United Real Estate Company (URC), a leading real estate developer in the Middle East, has achieved a net profit of $7 million for the three months ending March 31.
URC‘s gross profit for the first quarter of 2013 was $22.179 million, an increase of 169.29 per cent compared to the same period last year. Consolidated assets as of March 31 reached a total of $1.960 billion, recording an increase of 9.85 per cent compared to the first quarter of 2012.
URC’s operations focus on retail, commercial, hospitality and residential developments, with prominent projects under construction such as Abdali Mall in Jordan, Raouche View at 1090 residential building in Lebanon, Salalah Gardens Mall, Salalah Mall Residences, and Junoot Resort in Oman.
Kipco Tower, a mixed-use building in Kuwait City, is one of URC’s most recently completed developments, which became operational in the fourth quarter of 2012. – TradeArabia News Service