(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Feb 26 (KUNA) -- United Projects for Aviation Services Company (UPAC), a leading commercial real estate and facilities management company, on Monday recorded a net profit of KD 9.64 million, an increase of 14.23 percent over 2016.
UPAC's revenue increased by 5.83 percent in 2017 to KD 13.99 million, compared with KD 13.22 million in 2016, the company said in a press release.
For the Q4 2017, UPAC reported a net profit of KD 2.79 million (29.29 fils per share), an increase of 22.33 percent over the same period in 2016. The company's revenue increased by 6.96 percent in Q4 2017 to KD 3.47 million, compared with KD 3.25 million in Q4 2016.
The Board of Directors is recommending a cash dividend distribution of 121 percent (121 fils per share), subject to approval of the General Assembly, it added.
UPAC Chief Executive Officer Nadia Akil said: "UPAC has witnessed significant milestones over the course of the year, primarily driven by the developments taking place with Abu Dhabi's Reem Mall." "We continue to develop our strategy in growing our footprint and expanding in commercial real estate across the Middle East, with Abu Dhabi's Reem Mall as our stepping stone in that arena. The company's stable profitability and solid revenues year-on-year are positive indicators that we are on the right track," she said.
The development of Reem Mall, the USD 1.2 billion project being developed between UPAC and the National Real Estate Company (NREC), is well underway with several important milestones having been met successfully in 2017 including the final closure of the financing for Reem Mall as well as the appointment of Itinera Ghantoot as the lead contractor for the project, with construction well underway.
Reem Mall, located on Abu Dhabi's Reem Island, will offer 2 million sq. ft. of leasable area (2.9 million sq. ft. of floor area) comprising 450 stores housing local and international brands, including 85 food and beverage outlets. It will feature education-oriented anchors and family-focused entertainment, including Snow Park Abu Dhabi, a destination attraction.
Established in Kuwait in 2000 and listed on Kuwait's stock exchange, UPAC is a leading commercial real estate and facilities management company. (end) fnk.amh.mt
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