UPAC reports 2024 full-year financial results
KUWAIT – United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, today announced its full-year 2024 financial results. Net profit for the year stood at KD 1.03 million, reduced by 36%, or 2.53 fils per share, compared with the same period last year. The company's revenue was KD 8.57 million, down by 15.5%, compared to the same period of 2023.
Eng. Hamad Malallah, Chief Executive Officer at UPAC, said: 'UPAC's results are in-line with our expectations and the decrease in profits are mainly attributed to the reduction in revenues due to the end of the T4 parking contract in February earlier this year. We are committed to providing value for our shareholders while ensuring we continue to provide solid business performance for our customers.'
Planning for the Al Messilah Beach Project (Plage-2) site has been progressing, where our teams are working on preparing the project for its opening and operation, meeting the relevant partners, and potential vendors who we will be working with us on this exciting new project.
Al Messilah Beach, one of Kuwait's prime family entertainment destinations, was developed by Touristic Enterprises Company as part of its role in spearheading growth of Kuwait's tourism sector. UPAC will manage all aspects of the site including leasing, entertainment activities, facility management, and overall project operations.
UPAC is a co-investor in Abu Dhabi's $1.3 billion Reem Mall on Reem Island. The mall is the region's first, fully integrated omnichannel retail ecosystem with digital, e-commerce, and logistics capabilities. It brings together all consumer and retail services to ensure a seamless customer experience. To date, 194 units are trading, and almost 80% of Gross Leasable Area (GLA) is committed.
In Kuwait, UPAC manages operations of Kuwait International Airport's Terminal 1 (T1) airport mall, parking, and related facilities, as well as real estate and parking facilities at the Sheikh Sa'ad Airport Terminal (T3), and the development of Al Messilah Beach.
About UPAC
Established in 2000, publicly listed on Boursa Kuwait, and headquartered in Kuwait, UPAC is a leading commercial real estate and facilities management company with a specialization in Build Operate Transfer (BOT) initiatives. Its services cover project management and consultancy, real estate development as well as property and facilities management. UPAC manages over 24,000 sqm of commercial space at the Kuwait International Airport (Terminal 1), Sheikh Saad Terminal. UPAC is part of the Kuwaiti-led consortium developing Abu Dhabi's Reem Mall, a $1.3 billion project spread over nearly 270,000 sqm. For more information, please visit the website: www.upac.com.kw
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