Union Properties continued its strong performance, reporting a profit of AED 53 million ($14.43 million), and also reducing its legacy bank debts by 56.5 per cent to AED 682 million ($185.7 million).
The company has been pursuing effective strategies and efficient cost-management plans to ensure its long-term goal of sustained profitability. It has led to a profitable first nine months, with revenue from contractual agreements increasing seven per cent to AED 389 million ($105.9 million) from AED 364 million ($99.1 million) for the same period in 2023.
Accumulated gross profit was up to AED 53 million ($14.43 million), increasing 43.2 per cent in the first nine months of 2024. For 9M 2023, profit stood at AED 37 million ($10.1 million).
By restructuring its long-term debt with banks, the company successfully lowered its financial costs to AED 22 million ($6 million) in 2024, compared to AED 85 million ($23.14 million) in 2023.
Amer Khansaheb, Chief Executive Officer and Board Member at Union Properties, commented: “We, at Union Properties, are dedicated to excellence and strategic growth, which is evident in the financial results of the third quarter of 2024.
“This results from high property sales and Dubai’s evolving real estate sector. Driven by our vision, we aim to reinforce our leading position in the UAE’s real estate sector. We aim to launch projects worth AED 6 billion ($1.63 billion) in the next 18 months. We are optimistic that Dubai’s robust economy, state-of-the-art infrastructure and favourable investment ecosystem can help us achieve our goals.”
By the end of the first nine months, Union Properties’ current assets exceeded current liabilities by AED 326.2 million ($88.8 million), indicating a strong liquidity position and a positive sign of financial health. It shows the company is equipped to cover its short-term obligations and has a healthy buffer.
Union Properties also launched Takaya, its latest mixed-use development, which is valued at approximately AED 2 billion ($540 million) and spread across an area of 436,175 square feet overlooking the Dubai Autodrome. The project offers 788 affordable luxury housing options, which include penthouses, townhouses, villas, and a retail boulevard.
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