Union Properties Reports Strong Q2 2024 Performance with AED 18.3 Million Net Profit
Union Properties PJSC ("Union Properties" or the "Company") (DFM symbol: UPP) has announced a robust financial performance for the second quarter of 2024, achieving a net profit of AED 18.3 million. This reflects the Company’s ongoing commitment to driving sustained profitable growth through effective operational strategies and cost management.
Building on a solid performance in the first quarter of 2024, Union Properties recorded a 7.6% increase in revenue from contractual engagements, rising to AED 128 million compared to AED 119 million in Q2 2023. The Group’s subsidiaries significantly contributed to this success, achieving an accumulated gross profit of AED 52.6 million, a 15% increase in H1 2024 compared to AED 45.6 million during the same period in 2023.
A key factor in the Company’s financial improvement was the successful restructuring of long-term debt with banks, which reduced financial costs from AED 56 million in 2023 to AED 15 million in 2024. As a result, Union Properties reported an accumulated profit of AED 34.8 million in H1 2024, doubling the AED 17.7 million profit achieved in the same period in 2023.
Additionally, one of the Company’s subsidiaries is exploring the acquisition of an outsourcing company, which could potentially enhance the value of Union Properties’ assets and improve its profitability.
Eng. Amer Khansaheb, Chief Executive Officer and Board Member at Union Properties PJSC, commented: “The remarkable second-quarter financial results, driven by high property sales and the uptrend in Dubai’s real estate market, reflect our dedication to excellence and strategic growth. These achievements underscore our ability to navigate complex business dynamics. With visionary leadership and an innovative strategy, we aim to solidify our position in the UAE’s real estate sector and launch projects worth 5 billion dirhams in the short to medium term.”
Union Properties is focused on driving sustainable growth and enhancing shareholder value through strategic investments and innovative projects. The Company is strengthening its leadership in the UAE's real estate market by leveraging Dubai’s robust economy, advanced infrastructure, and investor-friendly policies.
