United Real Estate Company (URC) has demonstrated tangible improvements in profitability, thanks to strong performance in its existing portfolio.
In the first quarter of 2024, URC achieved a net profit of KD2 million ($6.5 million), a slight increase from the same period of 2023. The firm also managed to successfully reduce its debt by KD9 million.
The developer’s hospitality segment has shown increased operating revenues, even as revenues from the contracting sector have stalled.
URC boasted a diverse and expansive portfolio across the MENA region. It manages recognizable properties such as the KIPCO Tower and Marina Mall in Kuwait, Salalah Gardens Mall in Oman and Abdali Mall in Jordan. These properties have reached near-full occupancy, underscoring the high demand for URC's spaces.
The firm has made additions to its portfolio, notably with the launch of domestic projects such as Hessah AlMubarak District in Kuwait City, which is expected to serve as a comprehensive community and lifestyle hub.
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