REPORT ON PRESS RELEASE: BY UPP ON NOV 02, 2023
Union Properties Thrives with AED 20m Net Profit in Q3 2023 Amid Strong Demand in Dubai’s Real Estate Market
Union Properties PJSC (“Union Properties” or the “Company”) (DFM symbol: UPP) has reported a robust net profit of AED 20 million for the third quarter of 2023, capitalizing on the strong demand observed in Dubai’s real estate sector. This remarkable performance reflects a significant turnaround compared to the same period last year, where the company recorded a net loss of AED 11.4 million.
The company’s gross profit experienced an impressive 113% increase in Q3 2023 compared to Q3 2022. Additionally, revenue from contracts with customers reached AED 124 million during the same period, up from AED 101 million in Q3 2022.
For the period ending September 30, 2023, Union Properties reported a 19% year-on-year revenue growth, reaching AED 365 million, along with a 55% increase in gross profit to AED 77 million. This exceptional performance was complemented by the outstanding results achieved by the Group’s subsidiaries, contributing significantly to the overall revenue and gross profit growth.
Engineer Amer Khansaheb, Board Member and Managing Director of Union Properties, expressed pride in the company’s performance, attributing it to strategic approaches aligned with the growth trajectory of Dubai’s real estate market. Khansaheb emphasized the company’s commitment to maintaining its leading position and delivering substantial value to stakeholders, underpinned by innovation and customer-centric initiatives.
Union Properties has undertaken significant initiatives to expedite its business transformation goals, focusing on enhancing efficiency, productivity, and customer satisfaction. The company aims to provide top-notch living conditions, customer-centric activities, and sustainability-focused developments while diversifying its portfolio of services to meet evolving customer needs.
The continued positive outcome for Union Properties and its subsidiaries underscores the effectiveness of prudent portfolio management and a steadfast commitment to innovative and sustainable development strategies. As the company moves forward, it remains poised to leverage its capabilities in crafting dynamic business strategies and meeting the evolving demands of customers in Dubai’s dynamic real estate market.
