RAMALLAH - Union Construction and Investment (UCI), listed on the Palestinian Securities Exchange, announced a net profit of $1,411,444 for the period ending 30/09/2018. This represents an increase of 87.93% compared to a net profit of $751,061 for the same period in 2017.
Compared to the financial disclosures of competing real estate development companies listed on the Palestine Exchange (PEX) for the same period, UCI has achieved the highest profit rate among the real estate development companies listed on the PEX for the third quarter of 2018.
The Arab Investors Co. (ARAB) announced net profits of only $61,528 for the third quarter of 2018, while the Palestine Investment & Development Co. (PID) announced net profits of only $51,766. All other real estate companies announced losses for the third quarter of 2018: the Jerusalem Real Estate Investment Co. (JREI) announced net losses of $258,102, the Al-Aqariya Trading Investment Co. (AQARIYA) announced a net loss of $170,783, and the Palestine Real Estate Investment Co. (PRICO) announced a net loss of $24,638.
Continued Positive Progress for UCI
This growth in profits is the result of the progress in the implementation of construction and development works in the residential projects, as well as the continued increase in sales volume.
Eng. Khaled Sabawi, UCI’s CEO and Vice Chairman of the Board of Directors, said “I am pleased to announce the results for the third quarter of 2018, which showed an incredible increase in profits, and highlight the strength of our business and investments. It also highlights the immensely positive response from the market that our projects continue to reshape the real-estate landscape in Palestinian and help provide affordable products to Palestinians. We are always looking for promising investment opportunities within the local real estate market and to identify strategies that value our real estate portfolio and the value added to our shareholders.”
Mr. Sabawi continued, “We launched the Masyoun Gardens 2 project this year as an extension of our achievements and success in the Masyoun Gardens 1 project, as well as launching and selling many of the structural master plans that are being developed and constructed through the TABO project. TABO makes it possible for Palestinians at home and abroad to own a parcel of land with a title deed at affordable prices in their homeland while helping Palestinian protect their land for settlement expansion. Moreover, we have important projects under development, and we will continue to work from our vision to build the future.” Mr. Sabawi also expressed praise towards the entire UCI team, which consists of 33% women, for their hard work and dedication.
About UCI
UCI is one of the largest construction and real-estate development companies in Palestine. Established in 2005 by a group of distinguished Palestinian and Arab business leaders underpinned with decades of experience and supported by investment companies in the Arab world, UCI has changed the culture of Palestine’s residential and commercial development. UCI has constructed landmark buildings including the environmentally friendly UCI Headquarters Building in the Masyoun Heights of Ramallah, the Arcadia Residential Complex, the first residential housing project in the West Bank, the Etihad Villas, and the TABO project.
