News Column

United Real Estate posts net profits of KD 11.2m for 2013

February 18, 2014



Tariq Mohammed AbdulSalam and Engineer Mohammed Ahmed Al-Saqqaf KUWAIT: United Real Estate Company (URC), one of the MENA region's leading real estate developers announced yesterday that is has achieved a net profit of KD 11.2 million for the year ending December 31st 2013. The company's operational profits increased by 94 percent compared to the same period in 2012. Following URC's board approval of the financial earnings for the fiscal year of 2013, a recommended cash dividend of 8 percent will distributed to the company's shareholders subject to the approval of the general assembly meeting. URC's Chairman, Tariq Mohammed AbdulSalam said, "URC has succeeded in achieving its strategic objectives. The company sold a number of assets, which eventually helped achieve a stronger better output while easing the financial restrictions that were associated with some of these assets." "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 KD 60 million which was oversubscribed by 50 percent. The five-year bond was rated investment grade of BBB- with a positive outlook by credit rating agency, Capital Intelligence." Moreover, URC's 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 percent in our profits compared to last year. Furthermore, our operational profits jumped by 94 percent when compared to the same period in 2012. The company continues to relay its efforts and focus on a number of its major projects that include Abdali Mall in Jordan, Raouche View at 1090 in Lebanon and Aswar Residences in Egypt." Tariq Mohammed AbdulSalam thanks the executive management team and all URC colleagues for their hard work along with the shareholders for their continued support.

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Source: Kuwait Times


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