United Real Estate Company KSCP (URC), a leading real estate developer and investor in Kuwait and the MENA region, announced its financial results for the first quarter ended March 31, 2022.
The company recorded a 41.64% increase in net profit reaching KD 1.60 million for the first quarter of 2022, compared to KD 1.13 million for the same period in 2021. Operating profit increased by 7.05%, reaching KD 3.51 million for the quarter compared to KD 3.28 million reported in the first quarter of 2021.
Commenting on the results, URC Vice Chairman and Group Managing Director, Mr. Mazen Issam Hawwa said, “The net profit of the company saw an increase in the first quarter of this year thanks to the renormalization and the easing of pandemic restrictions, which led to increased revenues. from the rental of shopping centers, from the hotel sector, from real estate services.”
“URC continues to build communities through diverse real estate properties in hospitality, retail and residential that take a customer-centric approach coupled with trending aspirations.” Hawa concluded.
Demand for residences in the “Hessah district” has increased by sought-after homeowners looking for luxury homes in high-rise buildings with stunning sea and city views. With expected completion in Q4 2022, Hessah Towers reached 71% of total units sold, while Byout Hessah reached 52% with expected completion in 2023.
Furthermore, the occupancy rate of the residential units of “Raouche View 1090” in Lebanon exceeded 80% thanks to its last rental contract.