Mohammed Ahmed Al Saqqaf
URC reports $2.16m profit for Q1
Kuwait, May 21, 2014
United Real Estate Company (URC), a leading real estate developer in Mean, posted a net profit of KD 610,667 ($2.162 million) for the first three months of this year. Earnings per share was 0.57 fils.
URC’s total assets in Q1 increased by 3.9 per cent, compared to Q4 2013. Additionally, operating profit for the first three months of 2014 was recorded at KD4.5 million.
URC’s chief executive officer Engineer Mohammed Ahmed Al Saqqaf said: “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 per cent 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 KD11.2 million and an operational profit of KD 19.6 million for the year 2013.
The company accelerated pre-leasing activities of its latest development in Amman (Jordan), the Abdali Mall. The mall, spread over 227,000 sq m of built-up area, 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. - TradeArabia News Service