Kuwait-based United Real Estate Company (URC) said its net profit soared to KD4.4 million ($15 million) for the first nine months of the year driven by an increase in its rental and hospitality operations.
 
The third quarter results additionally demonstrated an increase in total gross revenue by 30 per cent, compared to the same period in 2013.

On the performance, chairman Tariq AbdulSalam said: "Our revenue and asset increases during 2014 was led by an increase in our rental operations, hospitality operations, and a rise in our third party contracting and services revenue through multiple bids awarded to our subsidiaries in the contracting sector, UBC and KUCM."

He said the company's strategy for the year will be to accelerate the pre-leasing and pre-sales activities of its projects under development, namely Abdali Mall, Aswar Residences and Raouche View at 1090.

"Our participation in the first Cityscape – Kuwait in December, will be to highlight these projects," he added.-TradeArabia News Service