(MENAFN- Arab Times) United Real Estate Company (URC), the MENA region's leading real estate developer announced today its third quarter results. The company achieved a net profit of KD 5.3 million, an increase of 338% compared to the same period last year. Earnings per share jumped to 4.96fils compared to 1.07 fils during the third quarter in 2012. During the first nine months of the current financial year, net profits decreased by 36% to reach KD 11.3 million, while earnings per share were registered at 10.43 fils compared to 15.51 fils during the same period in 2012. Moreover, URC witnessed remarkable growth in its operational profits.
The company reported KD 17.5 million compared to KD 2.9 million, reflecting an increase of 498%. URC's Chairman, Tariq Mohammed Abdul Salamsaid, "The prudent adoption of the company's corporate strategy has yielded strong performance, where growth levels across our gross profit margins increased from 39% in 2012 to 61% in 2013." Moreover, the company's Chief Executive Officer, Engineer Mohammed Ahmed Al Saqqafalso said, "The company's Executive Management Team has been focused on improving our operational performance, and this quarter's results are evident of that success. Our operational profit during the third quarter of 2013 came at KD 7.8 million compared to KD 3.1 million during the same period of last year." Al Saqqafadded, "The company's achievements have also been supported by the awards it has received during 2013.This includes two World Finance Construction awards for "Best Retail Project - Middle East" for its recently launched project, Salalah Gardens Mall in Oman and for its project under development in Jordan, Abdali Mall. URC also won 6 awards in various categories for 6 of its projects from the 2013 Arabian Property Awards. URC primarily operates in the Middle East and North Africa (MENA) region through a number of operational 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, Aswar Residences in Egypt and Junoot Resort in Oman. URC's majority shareholder is Kuwait Projects Company (KIPCO), one of the largest holding companies in the Middle East and North Africa, with consolidated assets of $27 billion as of 30 June, 2013. 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. The KIPCO Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of $27 billion as at 30 June, 2013. 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
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