URC’s Profit Jumps to $22.6 Million

KUWAIT CITY, 8 November 2004 — United Real Estate (URC), developer of Kuwait’s Marina World and prestigious local and regional real estate projects, and part of the Kuwait Projects Company (KIPCO), posted a jump in profits from operations in the third quarter of 2004 to KD6.7 million ($22.6 million), compared to KD5.2 million ($17.6 million) in the same period last year. The company’s net profit for the third quarter of 2004 was KD5.6 million ($18.9 million), or 11.17 fils (3.77 cents) per share, a 13 percent increase compared to KD 4.9 million ($16.6 million), or 9.88 fils (3.34 cents) per share earned in the third quarter of 2003.