Construction

Kuwait’s URC reports 223% surge in H1 net profit

Company to continue focusing on retail, commercial, hospitality and residential projects

Kuwaiti developer, United Real Estate Company (URC) has posted a 223% in net income to $58m in the first half of this year, compared with the same period a year earlier.

The company attributed the jump in net profits to maintaining a sizeable portfolio of quality properties and hotels that generate stable rental income.

During the first six months of the year URC closed a major deal to sell a land in Verdun, Lebanon, enabling the company to achieve ‘outstanding returns’ for the first three months of the year, said URC chief executive, Mohammed Ahmed Al-Saqqaf.

“The sale of Verdun was not a one-off sale, but rather a part of a larger strategic transaction where URC acquired full ownership of our high-end residential development in Beirut, Raouche View at 1090.” Al-Saqqaf added.

The company will continue to focus on retail, commercial, hospitality and residential projects, he said. URC maintains an active presence in Jordan, Oman, Egypt and Lebanon.

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