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May 13 , 2024

ÀÖ¾ºÌåÓýµÇ¼ƽ̨ Real Estate Company (URC), the real estate arm of KIPCO Group, announced its financial results for the first three months ending 31 March 2024. The company reported a net profit of KD 2.05 million, compared to 2023 first three months net profit of KD 2.03 million.

Despite recording an increase in net profit, operating revenues in the first quarter of 2024 witnessed a decline reaching KD 20.02 million, compared to total revenues of KD 23.43 million in the same period of 2023. The decline in operating revenues is attributed to the decrease in income from the construction contracting sector.

URC’s key financial indicators demonstrate stability and resilience, reflecting the company's performance during the first quarter of the year. This was characterized by an increase in operating revenues in the hospitality sector. In addition, the company's debts were reduced by KD 9 million as part of efforts to strengthen its financial position.

Commenting on the company’s financial results, Mr. Mazen Hawwa, URC Vice-Chairman and Group Chief Executive Officer, said: “Despite the challenging economic conditions and market fluctuations, we succeeded in maintaining a net profit thanks to the continuous efforts to improve operational efficiency and closely monitor any potential implications on the operating environment in the markets we operate in.”

We remain confident in our ability to achieve further successes by continuing to offer products that cater and prioritize the needs of our customers” Mr. Hawwa concluded.