United Real Estate Company quarterly earnings in Kuwait increased by 60% to reach 1.2 million dinars.
The company attributed the increase in its profits to the increase in revenues from the property and hotel leasing sectors and to the decrease in financing costs.
For his part, Mazen Essam Hawa, Vice President and CEO of United Real Estate, in an interview with Al Arabiya, attributed the increase in earnings to the start of the resumption of activity to economic life after the closures in the Kuwaiti market and some other markets in where they work, especially those they own. It has malls like Amman and Jordan.
He said that the hospitality sector has been severely affected by the repercussions of the 2020 crisis and hotels have gone into total closure, but with the economic recovery and the opening of markets and airports there has been a gradual recovery. which had serious repercussions on the operating profit of the company.
He continued: “We have seen a turnout and an improvement in performance, but it has not been equal to the percentage achieved before the pandemic, and it can be said that the recovery was 70%, supported by several factors.”
He pointed out that the travel business is still limited, and as soon as working life returns to normal, we will see growth in the hospitality sector to the results achieved almost before the Crown.
He added that the company’s proactive measures have helped improve the state of the shopping centers and said: “Through them, we have maintained employment and the recovery has been faster and stronger in the Kuwaiti market, supported by the power of buying and employment there has exceeded 98%. As with other markets, such as Amman and Jordan, closures have still been affected by closures. ” , which affects business and employment, but we have tried to support partners and we currently have an occupancy rate of up to 90% compared to before Corona. “
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