Union Properties Reclaims Success: Achieves Dh837 Million Net Profit in 2023

Union Properties Reclaims Success: Achieves Dh837 Million Net Profit in 2023

Dubai’s Union Properties is marking a triumphant return, showcasing a remarkable Dh837 million in net profit for 2023. Positioned as a leading developer in the region, Union Properties asserts that its diligent efforts towards recovery are yielding promising results, resonating positively with investors and the broader real estate market.

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In a statement, Union Properties underscores this significant milestone, attributing the surge in net profit to its steadfast commitment to transparency. The company emphasizes ongoing initiatives aimed at bolstering governance, fostering a culture of accountability, fortifying corporate ethics, and ensuring judicious disclosure of corporate information, all while advancing compliance-focused management practices.

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The financial report for 2023 reflects a company poised for resurgence. Notably, the net profit for the year soared to Dh837 million, a substantial increase from Dh10 million in 2022. Operating profit also witnessed a significant upswing, reaching Dh101 million, compared to Dh25.9 million in the preceding year. This commendable performance can be attributed to the surge in valuation of investment properties, which rose from Dh25.9 million to Dh505 million, coupled with additional income totaling Dh401 million.

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Moreover, Union Properties witnessed a notable uptick in contract revenue with customers, climbing from Dh419 million to Dh508 million. With meticulous expense management, costs were efficiently contained at Dh93 million, down from Dh347 million in the previous period.

The buoyant outlook conveyed by Union Properties’ management, alongside the impressive 2023 results, has catalyzed positive momentum in the performance of the DFM-listed stock. Year-to-date, the UP stock has surged by 23%, with a remarkable 63% increase over the preceding 12 months. Notably, the stock has surpassed the 15 percent trading threshold twice in the last fortnight, reflecting robust investor confidence.

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Union Properties remains optimistic about its future trajectory, with a concerted focus on resolving legacy issues, particularly the debt resettlement agreement with Emirates NBD. Positioned amidst Dubai’s burgeoning real estate landscape, the company anticipates leveraging the ongoing market expansion to bolster its growth initiatives.

“As Dubai’s real estate market continues its upward trajectory, the group is poised to reinforce its expansion plans,” affirms the company.

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