KUWAIT: United Real Estate Company K.S.C.P (URC), one of the leading real estate developers in the MENA region, announced its performance for the nine months of 2018. Achieving a growth in total operating revenue of 4.55 percent to reach KD 67.4 million, as compared to KD 64.5 million for the same period of last year. During the third quarter of 2018, URC achieved revenues of KD 23.7 million as compared to KD 24.5 million for the same period in 2017 at a recorded decline of 3.34 percent. The Total assets of the nine months ended on 30/9/2018 amounted to KD 622 million with an increase of 6.47 percent over the comparative previous year.
URC recorded a net loss for the nine months of 2018 of KD 3.3 million as compared to a profit of KD 285, 000 for the same period in 2017, and a decline in earnings per share of 3.07 fils for the first nine months of 2018 as compared to a profit increase of 0.26 fils per share for the same period in 2017.
The company attributed the loss in 2018 to increased provisions against receivables, increased financing costs as a result of increased funding for the company’s projects and activities, offset by an increase in the profits of associates.
Commenting on these results, Ahmad Kasem, Acting Chief Executive Officer of URC, stated: “In spite of URC’s encountered challenges during the nine months of this year, the company continues to grow its operating revenues in line with its strategy for each project to ensure business growth and sustainability in the long-term.”