Dubai – Mubasher: Union Properties has achieved net profits of AED 5.553 million in the first quarter (Q1) of 2021, against net losses of AED 121.868 million in Q1-20, according to the company's unaudited interim consolidated financial statements for the three-month period ended 31 March 2021.
The net profits are driven by a number of key factors including a significant reduction in the group's overall costs and the group’s commitment to paying a large portion of its debt.
The company's revenues from contracts with customers decreased to AED 98.259 million in Q1-21 from AED 112.532 million in Q1-20.
The basic and diluted earnings per share (EPS) stood at AED 0.0013 in the first three months of 2021, versus losses per share of 0.0284 in the year-ago period.
In the meantime, the company has logged accumulated losses of AED 1.955 billion, accounting for 45.59% of the company's capital, as of Q1-21.
The company's Chairman, Khalifa Hassan Al Hammadi, said: "While the world is still struggling to recover from the economic and health implications imposed by the spread of the Covid-19 pandemic, we at Union Properties have sought out to optimize our cash flows by adopting a flexible policy to adapt to the economic changes."
It is noteworthy to mention that in 2020, the company moved to net profits of AED 200.99 million, against net losses of AED 224.3 million in 2019.
