United Real Estate Company Achieves Strong Results and Resilient Operational Performance in 2024
- gceosocial
- 5 days ago
- 2 min read
United Real Estate Company (URC), the real estate arm of KIPCO Group, held its Ordinary General Assembly Meeting for the financial year ending December 31, 2024, with a quorum of 79.96%. Shareholders approved all items on the agenda, including the Board of Directors’ report, the external auditor’s report, and the distribution of a 5% bonus share dividend.
URC’s growth strategy and asset portfolio expansion to ensure sustainable revenue growth.
Vice Chairman and Group CEO Mr. Mazen Issam Hawwa emphasized URC’s consistent profitability, the company’s asset base approaching KD 1 billion, and its steadfast commitment to real estate excellence.
Financial Performance
URC recorded a net profit of KD 5.1 million for 2024, reflecting a 21.3% increase over 2023. Gross profit rose by 15.5%, total assets reached KD 672 million, and shareholders’ equity grew by 6.7%. Operational performance improved across key segments, particularly in hospitality, with consolidated revenues totaling KD 88.6 million.
Key Developments
URC achieved significant milestones in 2024, including the completion of residential components within Hessah District and increased ownership in subsidiaries such as Insha’a Holding and United Building Company.
Sabah Al-Ahmad Project
Through its subsidiary Jiwar International, URC signed an agreement to develop investment plots in Sabah Al-Ahmad Residential City. The initiative emphasizes sustainability and supports Kuwait’s Vision 2035. Mr. Hawwa described the project as a strategic step forward in national urban development.
Regional Projects
URC expanded its regional footprint with the opening of the Waldorf Astoria Cairo Heliopolis, delivering a high-end hospitality experience. In addition, the company is developing a luxury resort in Sharm El Sheikh, further aligning with its strategy to create premium tourism destinations.
Closing Remarks
Mr. Hawwa concluded by expressing gratitude to shareholders, employees, regulatory bodies, and clients. He reaffirmed URC’s commitment to delivering distinguished real estate projects and driving long-term value creation.
