Kuwait's UPAC sees 10% increase in 9M 2018 net profits
UPAC said its growth is driven by projects such as Reem Mall and Kuwait International Airport
Kuwaiti real estate and facilities management firm United Projects for Aviation Services Company (UPAC) has reported a near 10% increase in profits for the first nine months (9M) of 2018.
Net profits at UPAC for 9M 2018 stood at $24.77m (KWD7.52m), a 9.72% increase on the first nine months on 2017 when net profits totalled $22.58m (KWD6.86m), a regulatory filing on the Kuwait stock exchange has revealed.
Total operating revenue remained largely flat, with the firm bringing in $34.67m (KWD10.53m) during 9M 2018, a marginal 0.08% increase on 9M 2017 when operating revenues stood at $34.6m (KWD10.52m).
On a quarterly basis, net profit in Q3 2018 was up 2.24% year-on-year (YoY), hitting $669,087 (KWD2.46m). Total operating revenue stood at $934,672 (KWD3.43m) in Q3 2018, a 4.15% hike on the same period last year when the figure stood at $975,092 (KWD3.58m).
In the same 6 November bourse filing, UPAC explained the increase in net profit is “due to unrealised gain on financial asset at fair value and increase in the interest income”.
Speaking on the results in a separate statement, Nadia Akil, chief executive officer at UPAC, said: “Our indicators are on par with expectations, with our net profits increasing steadily during the third quarter of the year. Growth continues to be driven by our income generating projects at the Kuwait International Airport as well as other prominent projects in the country.
“Construction of Abu Dhabi’s Reem Mall is moving ahead according to schedule. Al the above elements give us confidence and optimism that we are on the right track. I look forward to report further milestones for the remainder of the year.”
UPAC added that operations of the commercial space and facilities at the Kuwait International Airport, Sheikh Saad Terminal, and Discovery Mall are operating at “almost full capacity, with a continued focus on optimisation and efficiency”.