Dubai – Mubasher: Union Properties’ (UP) stock recorded its highest rise since the end of 2014 on Wednesday, ranking the second top gainer on the Dubai Financial Market (DFM). The stock surged 14.17% to AED 1.370, its highest level since April.
The stock ranked second in terms of turnover with AED 442.363 million, accounting for 17% of the DFM’s total turnover of AED 2.604 billion.
The real estate sector leaped 4.7% by 1pm UAE time on the back of six stocks led by Arabtec, whereas Emaar Malls was the only faller, losing 0.9%.
UP recently registered a profit plunge of 84.34% in the first quarter of 2015, reaching AED 28.14 million ($7.66 million) compared to AED 179.79 million ($48.94 million) in Q1-14.
The Dubai-listed developer attributed the significant drop to a decline in its contractors’ settlements by around AED 100 million, prompting revenues to slide from AED 103.4 million in Q1-14 to AED 4.3 million in Q1-15.
