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Tariq Mohammed AbdulSalam and Mohammed Ahmed Al Saqqaf

URC reports $39.76m profit

Kuwait, February 23, 2014

United Real Estate Company (URC), one of the Mena region’s leading real estate developers, has reported a net profit of KD11.2 million ($39.76 million) for the year ending December 31.

The company’s operational profits increased 94 per cent compared to the same period in 2012, said a statement.

A cash dividend of 8 per cent will distributed to the company’s shareholders subject to the approval of the general assembly meeting.

URC chairman Tariq Mohammed AbdulSalam said the company succeeded in achieving its strategic objectives last year. The company sold a number of assets, which eventually helped achieve a stronger and better result while easing the financial restrictions that were associated with some of these assets, he said.

“The company has also succeeded in its leasing operations, where it successfully completed the leasing process of its Salalah Gardens Mall in Salalah Oman, which was inaugurated in November last year. Moreover, the company also succeeded in issuing bonds that are valued at KD60 million which was oversubscribed by 50 per cent. The five-year bond was rated investment grade of BBB- with a positive outlook by credit rating agency, Capital Intelligence,” he said.

URC CEO Engineer Mohammed Ahmed Al Saqqaf added: “We are very proud of the results. The company’s executive management team has been focused on improving our operational performance. Our results during the past year are evident of that success, which clearly indicate a significant rise of 30 per cent in our profits compared to last year.  Furthermore, our operational profits jumped by 94 per cent when compared to the same period in 2012."

The company continues to focuc its efforts on a number of its major projects that include Abdali Mall in Jordan, Raouche View at 1090 in Lebanon and Aswar Residences in Egypt, he said.  - TradeArabia News Service


 




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