Kuwaiti real estate developer United Real Estate Company (URC) announced a net profit of KWD 4.91 mn for the first nine months of 2016, according to a bourse statement on Monday.

This marks an increase of 1% compared to 2015. Net profit for the third quarter of 2016 stood at KWD 1.91 mn, marking a 56% increase compared to KWD 1.22 mn in the same period last year.

Total revenue increased by 10%, to KWD 50 mn and the total assets increased to KWD 571 mn from KWD 554 mn at the end of 2015.

URC operates across the Middle East, and its majority shareholder is Kuwait Projects Holding Company, more commonly referred to as KIPCO.