Developer Union Properties, a well-known company in Dubai, announced a Dh18.3 million net profit for the first quarter of 2024, reinforcing its plans for Union Properties to Launch Dh5 Billion Projects Despite Dh18.3 Million Net Profit in Q1 2024. This favorable result demonstrates the success of its strong operating plans and cost-cutting initiatives, highlighting the business’s triumphant comeback following a number of difficulties in the previous years.

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These positive outcomes have been greatly aided by high property sales and the growing trend in Dubai’s real estate market, according to Union Properties PJSC CEO and Board Member Amer Khansaheb. In the short to medium term, Khansaheb said, “our goal is to roll out projects worth Dh5 billion and strengthen our position in the UAE’s real estate sector.”

In addition, the DFM-listed business announced a “successful Q2 2024,” with income from contractual engagements rising from Dh119 million in Q2 2023 to Dh128 million in Q2 2024, a 7.6% increase.

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These accomplishments were made possible in large part by the Group’s subsidiaries, which brought in an aggregate gross profit of Dh52.6 million in H1 2024, 15% more than in H1 2023 (Dh45.6 million).

The company said, “The company managed to reduce its financial costs from Dh56 million in 2023 to Dh15 million in 2024 during H1 thanks to the restructuring of long-term debt with banks.” With the aid of this calculated action, Union Properties was able to double its earnings in the first half of 2024, from Dh17.7 million to Dh34.8 million.

Plans for Acquisition

Furthermore, one of Union Properties’ affiliates is investigating the possibility of purchasing an outsourcing company, which would raise the firm’s asset value and profitability.

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“Our commitment to excellence and strategic growth is evident in the exceptional financial results of the second quarter, which were driven by high property sales and the uptrend in Dubai’s real estate market,” said Khansaheb. These successes show that we can handle challenging business situations.

“Union Properties remains focused on enhancing shareholder value and driving sustainable growth through strategic investments and innovative projects,” he continued.