United Real Estate Company (URC), Kuwait’s leading real estate development and property services company, posted a revenue growth of 11 per cent to KD36 million ($119.32 million) for the first half of 2016, compared with the same period last year.

Operating profit also rose by 3.6 per cent.

URC announced that the company’s net profit for the six-month period was KD3 million ($9.94 million) with earnings per share of 2.8 fils, compared to a net profit of KD3.65 million ($12.09 million) in the same period last year. The change was attributed to a slight drop in non-operational profits. Total assets rose 2.8 per cent to KD570 million ($1.889 billion).

Despite challenging market conditions, URC’s performance for the period was in line with its targets, the company said.

"URC entered 2016 strongly and has remained committed to implementing long-term strategic objectives, posting solid returns and establishing the catalyst for future growth.The company will continue to deliver creative projects that drive value for customers and yield steady returns for our valued investors," a statement said.

 Ahmad Kasem, acting chief executive officer of URC, said: “In the first half of 2016 we have completed the masterplans 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 stated that there were a number of opportunities emerging across the GCC from the current market conditions and the company has been positioning itself to take advantage of them. "We have focused on implementing greater efficiency in our operations and aligned our project budgets to strategic long-term sustainability across different market conditions.

“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 (Middle East and North Africa) region, in addition to strengthening its assets in Kuwait,” he said. -TradeArabia News Service