Wednesday 21 August 2019

Kuwaiti group UPAC net profit up 2.4pc in Q3

KUWAIT CITY, November 7, 2018

United Projects for Aviation Services Company (UPAC), a leading commercial real estate and facilities management company based in Kuwait, has registered a net profit of KD2.5 million ($8.2 million) for the third quarter, up 2.4 per cent over last year.

The company’s net profit during the first nine months surged 10 per cent to KD7.58 million compared to last year.

On the solid performance, CEO Nadia Akil said: "Our indicators are on par with expectations, with our net profits increasing steadily during the third quarter of the year. Growth continues to be driven by our income generating projects at the Kuwait International Airport as well as other prominent projects in the country."

"Construction of Abu Dhabi’s Reem Mall is moving ahead according to schedule. All the above elements give us confidence and optimism that we are on the right track. I look forward to report further milestones for the remainder of the year," she stated.

Reem Mall in Abu Dhabi has been progressing smoothly, with construction on schedule and expected to be complete by the end of 2020.

As of August, more than 16 tower cranes have been erected and over 4,800 labourers and staff are on site. More than 173,000 cu m of reinforced concrete has been cast in place, with some sections now reaching level 4, said Akil.

Upon completion, the project will encompass 350,000 cu m of reinforced cement concrete, 75,000 tonnes of rebar, 10,000 tonnes of structural steel and 75,000 sq m of precast hollow-core concrete panels for a total built-up area of over 650,000 sq m.

UPAC’s operations of the commercial space and facilities at the Kuwait International Airport, Sheikh Saad Terminal, and Discovery Mall are operating at almost full capacity, with a continued focus on optimisation and efficiency.-TradeArabia News Service

Tags: facilities management | Kuwait | real estate | Reem Mall | UPAC |

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