Dubai – Mubasher: Union Properties generated net profits valued at AED 53 million in the third quarter (Q3) of 2024, according to the financial results.
The strong performance reflects the company’s effective strategic planning and efficient cost management in line with its long-term goal of sustained profitability.
Revenues from contractual agreements climbed by 7% to AED 389 million in Q3-24 from AED 364 million in Q3-23.
The group’s subsidiaries also achieved an accumulated gross profit of AED 53 million in the first nine months (9M) of 2024, marking a 47% leap from AED 37 million in 9M-23.
Union Properties lowered its financial costs from AED 85 million in 2023 to AED 22 million in 2024 to date by restructuring its long-term debt with banks and paying them down.
As of 30 September 2024, the company’s current assets exceed liabilities by AED 326.20 million, reflecting a strong liquidity position and a positive sign of financial health. It demonstrated that the group is well-equipped to cover its short-term obligations, with a healthy buffer of AED 326.20 million.
Amer Khansaheb, CEO of Union Properties, said: “Our goal is to launch projects worth AED 6 billion in the next 18 months, adding to Dubai’s extensive property portfolio.”
Accumulated Losses
The accumulated losses of Union Properties hit AED 2.05 billion at the end of Q3-24, representing 47.80% of the capital. This registered amount is lower than the SAR 2.07 billion losses incurred in Q2-24.
The real estate developer also launched its Takaya mixed-use development in Dubai, which is valued at nearly AED 2 billion.
