KUWAIT CITY, Jan 26: The United Projects for Aviation Services Company (UPAC) has received notification from the Incheon International Airport Corporation regarding the expiration of a project contract at Kuwait International Airport – the contract, related to the development, operation, and maintenance of parking lots at Terminal 4, which will end on February 8, 2024.

In response to Incheon's request, UPAC will initiate the necessary procedures for the handover of the project. The company will undertake the required measures to ensure a smooth transfer and delivery of the project. The completion of this process will be reflected in UPAC's financial statements.

Although the cessation of project revenues is expected to result in an annual decrease of approximately one million Kuwaiti dinars in combined revenues, the net profits are not anticipated to be materially affected due to the operational costs associated with the project.

UPAC reported a profit of 3.53 million dinars in the first nine months of the previous year, marking a notable increase of 132.5% from the corresponding period in 2022, according to the latest financial statements.