UPAC Holds FY2023 AGM

(MENAFN- Bensirri PR) KUWAIT – 26 May 2024 – United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, held its Annual Ordinary General Assembly Meeting on Thursday 23/05/2024, with a quorum of 96.8%.

UPAC shareholders approved all the items on the AGM agenda, including UPAC’s audited financial statements. They endorsed the Board of Directors’ recommendation not to distribute dividends for the fiscal year ending 31 December 2023.

The company registered full year 2023 revenue of KD 10.14 million, up 2.6% from 2022, with a net profit of KD 1.61 million, up 133% from 2022, or 4.06 fils per share.
Nadia Akil, Chief Executive Officer at UPAC, said: “Our full-year results were in-line with our expectations and the improved numbers were mainly a result of the rebound in airport-related services and an increase in the frequency of daily flights and travellers at Kuwait International Airport. We are committed to providing value for our shareholders while ensuring we continue to provide solid business performance for our customers. We anticipate steady growth during 2024.”

Earlier in 2024, UPAC’s contract to develop and manage Kuwait International Airport’s Terminal 4 parking lot and related facilities expired, following which the company took all the necessary measures to handover and deliver the project to Incheon International Airports Company (IIAC), the current manager of T4.

UPAC is also a co-investor in Abu Dhabi’s $1.3 billion Reem Mall on Reem Island. The mall officially opened to the public in February 2023. The mall is the region's first, fully integrated omnichannel retail ecosystem with digital, e-commerce, and logistics capabilities. It brings together all consumer and retail services to ensure a seamless customer experience.

To date, 163 units are currently trading and almost 74% of Gross Leasable Area (GLA) is already committed. UPAC expects additional openings by more tenants in coming months.

In Kuwait, UPAC operates two major projects, including the management and operations of Kuwait International Airport’s Terminal 1 airport mall, parking and related facilities, as well as the management of real estate and parking facilities at the airport’s Sheikh Saad terminal.


Bensirri PR

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