Dubai – Mubasher: The accumulated losses of Union Properties reached AED 2.10 billion at the end of the fourth quarter (Q4) of 2023, accounting for 49.08% of the firm’s capital.
The losses are mainly attributed to a fair value loss of AED 2.07 billion related to investment properties in 2017, according to a bourse statement. This is in addition to AED 1.10 billion in fair loss value during 2021.
In the January-December 2023 period, Union Properties logged net profits valued at AED 811 million.
The subsidiaries posted a solid performance, with revenues from contracts up to AED 508 million last year from AED 419 million in 2022.
