United Real Estate Company Announces US$ 7 million Net Profit as of Q1 2013

Kuwait, May 1^st, 2013

United Real Estate Company (URC), a leading real estate developer in the Middle East, announced their first quarter results today achieving a net profit of US$ 7 million, equivalent to KD 2 million, for the three months ending March 31^st, 2013.

URC's Gross Profit for the first quarter of 2013 was US$ 22.179 million (KD 6.298 million), an increase of 169.29% compared to the same period last year. Consolidated Assets as of March 2013 reached a total of US$ 1.960 billion (KD 556.6 million) recording an increase of 9.85% compared to the first quarter of 2012.

URC's operations focus on retail, commercial, hospitality and residential developments, with prominent projects under construction such as Abdali Mall in Jordan, Raouche View at 1090 residential building in Lebanon, Salalah Gardens Mall, Salalah Mall Residences, and Junoot Resort in Oman.

KIPCO Tower, the first mixed-use building in Kuwait City, is one of URC's most recently completed developments, which became operational in Q4 2012. KIPCO Tower features retail, office and residential segments under one roof with a number of local and international F&B outlets and well-established, prominent businesses occupying several of the office floors.

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United Real Estate Company (URC) is the Middle East's leading real estate development company, with total assets of KD 556.6 million (US$ 1.960 billion).  Headquartered in Kuwait, URC was founded in 1973 and was listed on the Kuwait Stock Exchange in 1984. 

URC primarily operates in the Middle East and North Africa (MENA) region through a number of subsidiaries and investments arms.  The company's portfolio includes commercial complexes, hotels, resorts, residential buildings, shopping centers, high rise office buildings, as well as mixed use developments. In Kuwait, operational assets include KIPCO Tower, Marina Hotel and Marina Mall. Regionally, URC is developing Abdali Mall in Jordan, Raouche View at 1090 in Lebanon, as well as Salalah Gardens Mall, Salalah Mall Residences, and Junoot Resort in Oman.

URC's majority shareholder is Kuwait Projects Company (KIPCO), one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 26 billion as at 31 December, 2012. The Group has significant ownership interests in over 60 companies operating across 24 countries. The group's main business sectors are financial services, media, real estate and manufacturing. Through its core companies, subsidiaries and affiliates, KIPCO also has interests in the education and medical sectors.

© Press Release 2013