Dubai real estate company Union Properties continued the remarkable turnaround in its financial fortunes, with audited financial results for the fiscal year 2024 recording an operating profit of AED 161.8 million ($44.06 million), with an annual growth rate of 59 per cent, and a total comprehensive income of AED 395 million ($107.56 million).
Revenue generated from customer contracts increased to AED 528.7 million ($144 million), up from AED 508 million ($138.33 million) in 2023.
Union Properties’ recovery milestones
The results further highlight Union Properties’ remarkable achievements in debt restructuring, with total repayments amounting to AED 723 million ($196.9 million) completed in 2024, and reduction in finance cost to AED 31.7 million ($8.63 million) in 2024 from AED 114 million ($31 million) in 2023.
The company’s subsidiaries also performed well in 2024, significantly bolstering overall revenue growth and operational efficiency. Union Properties announced it will proceed with the necessary approval for extinguishing its accumulated losses through capital reduction. This step will conclude the recovery phase of the company, ensuring a robust and clean capital structure that will enable distribution of dividends in the future.
Union Properties achieved AED 1.3 billion ($350 million) in land sales, enabling it to achieve significant deleverage. Its current assets now exceed its current liabilities by AED 566 million ($154.1 million) for the first time in many years, enhancing its liquidity and ability to expand the new projects in the pipeline.
Amer Khansaheb, Chief Executive Officer and Board Member at Union Properties, commented: “Our strong financial performance in 2024 reflects the resilience of the Dubai Real Estate market and our ongoing operational improvements.
“Key achievements such as significant improvement in liquidity, growth in operating profit, the success of our subsidiaries, and the launch of exciting new projects demonstrate our commitment to delivering value to stakeholders.”
In 2025, the company exuded confidence that it will be able to sustain its commitment to growth and innovation. As part of its AED 6 billion ($1.63 billion) development strategy, Union Properties plans to launch two new projects soon.
“Looking ahead to 2025, we will focus on community growth and the sustainable development. We are also set to launch two new projects soon, worth AED 4 billion ($1.1 billion),” added Khansaheb.
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