Arab Press

بالشعب و للشعب
Friday, Aug 22, 2025

United Real Estate Company records 33.33% increase in net profits for Q3

United Real Estate Company records 33.33% increase in net profits for Q3

United Real Estate Company (URC), a leading real estate developer in Kuwait and the MENA region, announced its financial results for the 3rd quarter ended 30 September 2022. The Company recorded an increase in its net profit by 33.33% to reach KD 1.60 million for the 3rd quarter of 2022, compared to a net profit of KD 1.20 million for the same period in 2021. Net profit clocked an increase of 231% at KD 8.18 million in the first nine months of the year 2022 as against KD 2.47 million the previous year.
The company’s operating profit rose by 32.80% in the first nine months of 2022 at KD 13.40 million, compared to KD 10.09 million last year. Operating revenue in the first ninemonth of 2022 was KD 61.05 million, a marginal dip of 5.20% compared to the operating revenue for the same period in 2021 of KD 64.40 million. Commenting on the financial results, Mr Mazen Issam Hawwa, URC Vice Chairman and Group Chief Executive Officer, said: “The growth achieved in the first nine months of 2022 is a continuation of the company’s strong performance on various levels since the beginning of the year, as the company continued to achieve outstanding operational performance across all the main sectors in which it operates, taking advantage of the improvement in the economic landscape that gained more momentum in light of the revival of business activity and the rise in oil prices.”

Shareholders

Mr Hawwa further added that: “The shareholders of the URC have approved the company’s merger with United Towers Holding Company (UTHC) and Al Dhiyafa Holding Company (DHC) at The Extraordinary General Assembly held recently on October 24, 2022. This step aims to enhance the company’s asset portfolio and strengthen Its ability to fundamentally increase revenues, which will lead to the achievement of added value for the mutual benefit of all shareholders participating in this entity resulting from the merger transaction.” Mr Hawwa also emphasized that “the company’s tireless and continues efforts in developing leading projects have recently been crowned with many prestigious awards within the “Best in Kuwait” category in eight categories within the Arabian Property Awards for the year 2022-2023 for the “Hessah District” project.”

United Real Estate Company. K.S.C.P (URC) is one of the leading real estate developers in Kuwait and the MENA region, with consolidated assets of Approx. KD 610 million (US$ 1.96 Billion) as of 30 September 2022. Headquartered in Kuwait, URC was founded in 1973 and was listed on the Kuwait Stock Exchange in 1984. URC primarily operates through a number of operating subsidiaries and investment arms across the MENA region.

URC’s core business is real estate development and operations and enjoys a diversified portfolio of assets that include retail complexes, hotels, residential properties, and high-rise office buildings. URC’s operations extend to construction and contracting services, facility management, and project management through its several subsidiaries. URC’s portfolio of assets is geographically spread throughout the MENA region and includes Marina World, Marina Hotel, and KIPCO Tower in Kuwait, Salalah Gardens Mall & Residences in Oman, Abdali Mall in Jordan, Raouche View 1090 in Lebanon, Hilton Cairo Heliopolis & Waldorf Astoria Hotels, and Aswar Residences in Egypt, and Assoufid development including a golf resort, fivestar hotel, and premium residences in Morocco.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Trump Backs Putin’s Land-for-Peace Proposal Amid Kyiv’s Rejection
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
United States Sells Luxury Yacht Amadea, Valued at Approximately $325 Million, in First Sale of a Seized Russian Yacht Since the Invasion of Ukraine
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
×