18-05-2025
UPAC Reports Q1 2025 Financial Results
KUWAIT CITY, May 18: United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, today announced its financial results for the first quarter of 2025. The company reported a net profit of KD 480 thousand, down 26% from 2024, or 1.19 fils per share. The company's recorded revenue for the quarter was KD 2 million, down 11% from 2024.
Eng. Hamad Malallah, Chief Executive Officer at UPAC, said: 'UPAC's results are in-line with our expectations. The reduction in revenue is mainly attributable to airport-related services. We remain committed to identifying and pursuing strategic business opportunities within our industry that drive growth and create value for the company and its shareholders.'
Malallah continued: '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 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 is managing all aspects of the site including leasing, entertainment activities, facility management, and overall project operations.
UPAC is also 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, 198 units are trading, and almost 80% of Gross Leasable Area (GLA) is committed.
