KUWAIT: United Real Estate Company (URC)(KSE: URC), Kuwait’s leading real estate development and property services company, announced its results for the first half of 2016, recording a revenues growth of 11% compared to the same period last year, exceeding KD 32 million for the six-month period. Operating profit also rose by 3.6%. URC announced that the company’s net profit for the six-month period was KD 3 million with earnings per share of 2.8 fils, compared to a net profit of KD 3.65 million in the same period last year. The change was attributed to a slight drop in non-operational profits. In the same period total assets rose 2.8% to KD 570 million. Despite challenging market conditions, URC’s performance for the period was in line with its targets.
UR Centered 2016 strongly and have remained committed to implementing long-term strategic objectives, posting solid returns and establishing the catalyst for future growth. The company will continue to deliver creative projects that drive value for customers and yield steady returns for our valued investors. Ahmad Kasem, Acting Chief Executive Officer, URC, said: "In the first half of 2016 we have completed the master plans for a number of new projects in Egypt and Morocco.
These projects will spur the company’s overall growth and profitability for the future, and help to achieve our long-term business and strategic goals.” Kasem stated that there were a number of opportunities emerging across the GCC from the current market conditions and the company has been positioning itself to take advantage of them. We have focused on implementing greater efficiency in our operations and aligned our project budgets to strategic long term sustainability across different market conditions. "URC’s diverse portfolio across retail, commercial, leisure, integrated mixed use resorts and residential developments and services has positioned the company to achieve balanced growth in the GCC and MENA region, in addition to strengthening its assets in Kuwait.”