United Real Estate (URC) of the Kuwait Projects Company (KIPCO) Group recorded a net profit of 13 million Kuwaiti dinars ($44.2 million) in 2003, an increase of 334 percent compared to figures from the previous year.
The board of directors has recommended a seven percent share dividend and called for an increase of eight percent in capital, stated a press release. Total revenues for 2003 increased by 90 percent to KD 11 million from KD 5.8 million in 2002. Total assets were KD 146.5 million compared to KD 130.9 million, a rise of 11 percent, and shareholders' equity grew by 20 percent to KD 74.7 million from KD 62.2 millionin 2002.
URC's Water Front Phase 5 Project will shortly be completed with the opening of its second phase, a seafront leisure and retail area with marina, five-star hotel, fine dining restaurants, luxury shops and entertainment centers. The URC portfolio includes involvement with Horizon Development, part of Lebanon's Hariri Group, in a joint luxury Beirut hotel, shopping mall and apartment complex; and the Sheraton Heliopolis resort hotel in Egypt. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
