URC announces net profit of KD3.5m for H1

August 17, 2014 9:40 am

United Real Estate Company (URC) has announced net profit of KD3.5mn ($12.3mn) and an operating profit of KD8.2mn ($28.9mn) for first half of 2014, Construction Week Online reported. URC ‘s chief executive officer, Engineer Mohammed Ahmed Al Saqqaf, said: “We began the year with an aim of accomplishing the objectives outlined in our Strategy Report for 2014. Accordingly, we managed to eradicate any assets in our real estate portfolio without a real intrinsic value, as recently carried out in Qatar. Additionally, our total revenue increased by 11% to reach KD22.8m ($80.4m), for the first half of 2014, as opposed to the same period in the previous year.” Furthermore, during the second quarter of this year, URC distributed 8% in cash dividends, which were approved during the company’s annual general assembly meeting held in April, for a total amount of KD8.6m ($30.3m).