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United Real Estate Company announces net profit of KD 610,667 for Q1 2014

May 21, 2014 2:23 pm

United Real Estate Company (URC), the MENA region’s leading real estate developer announced today its first quarter results for 2014. The company achieved a net profit of KD 610,667 for the first three months, while earnings per share reached 0.57 fils, as of March 31, 2014.

Among other financial results for Q1 2014, URC’s total assets increased by 3.9%, compared to Q4 2013. Additionally, operating profit for the first three months of 2014 was recorded at KD 4.5 million.

URC’s Chief Executive Officer Engineer Mohammed Ahmed Al Saqqaf stated, “The Company’s commitment in increasing operational performance is in accordance with our business strategy and objectives for this year which includes enhancing operational revenues. This quarter, the company’s total revenue increased by 10.8% as opposed to the same period in 2013.”

During the first quarter, URC held its annual general assembly meeting where it announced a net profit of 11.2 million Kuwaiti Dinars and an operational profit of 19.6 million Kuwaiti Dinars for the year 2013. In addition, the company accelerated pre-leasing activities of its latest development in Amman, Jordan, “Abdali Mall”. Abdali Mall is a uniquely designed large shopping center with a variety of sustainability features. Furthermore, Abdali Mall is an example of a functional design where it addresses space utilization, vehicular and pedestrian circulation flow, and adequate parking. The strategic tenant mix of Abdali Mall includes a variety of retail stores, an entertainment center, eleven cinema screens, a supermarket, and a food court, spread over 227,000 sqm of built-up area. Although the project is still under development, the total leased area of the mall is currently at 47%, and is expected to be completed in Q2 2015.

“Aswar Residences” is another project under development, in the upcoming city of New Cairo, Egypt. It is a gated residential community comprised of 75 three-story villas. The project includes several leisurely facilities on-site such as landscaped gardens, a tennis court and an outdoor swimming pool.

URC has a number of additional projects under development including “Junoot Resort” a unique eco-friendly development in Shuwaimiyah, Oman, and “Raouche View at 1090” in Lebanon, a high-end residential building overlooking the famous Raouche Rocks.

Further Information
Rasha Slaton
Communications Executive
United Real Estate Company
T +965 1805225 ext. 2240