Staff Report
Dubai, UAE
Union Properties, a Dubai-based real estate developer, announced its financial results for the fiscal year 2024, recording an annual increase of 59 percent in operating profit to Dh161.8 million and a total comprehensive income of Dh395 million. Additionally, revenue generated from customer contracts rose to Dh528.7 million, up from Dh508 million in 2023, underscoring the robust operational performance and strategic growth of the company and its subsidiaries.
The results further highlight Union Properties’ remarkable achievements in debt restructuring, with total repayments amounting to Dh723 million completed in 2024, and reduction in finance cost to Dh31.7 million in 2024 from Dh114 million in 2023 further improving its financial standing. The company’s subsidiaries have also demonstrated outstanding performance in 2024, significantly bolstering overall revenue growth and operational efficiency. Furthermore, the company announced it will proceed with the necessary approval for extinguishing its accumulated losses through capital reduction. This step will further conclude the recovery phase of the company, ensuring a robust and clean capital structure that will enable distribution of dividends in the future.
The company achieved Dh1.3 billion in land sales, enabling it to achieve significant deleverage. Its current assets now exceed its current liabilities by Dh566 million for the first time in many years, enhancing its liquidity and ability to expand the new projects in the pipeline, paving the way for substantial solid investment returns.
In 2025, the company will sustain its commitment to growth and innovation, guided by its exemplary strategic vision. As part of its Dh6 billion development strategy, Union Properties plans to launch two new projects soon. The developments will prioritise sustainable design and innovative solutions, catering to the rising demand for premium residential, commercial and mixed-use spaces. It will further contribute to the UAE Real Estate market’s increasing value, which is poised to expand at an annual growth rate of 2.25 percent between 2024 and 2029, achieving a valuation of US$759 billion (Dh2.78 trillion) by the end of the forecast period.
Eng. Amer Khansaheb, Chief Executive Officer and Board Member at Union Properties PJSC, said, “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. Looking ahead to 2025, we will focus on community growth and the sustainable development of Dubai’s Real Estate sector. Additionally, we are set to launch two new projects soon, worth Dh4 billion, supporting our expansion goals.”
He added, “At Union Properties, we align with the ‘Dubai Real Estate Sector Strategy 2033’ to boost the sector’s economic impact and reinforce Dubai’s position as a global investment hub. As leaders in the Real Estate sector, we remain dedicated to meeting the evolving needs of UAE investors, residents, and the global market.”
Union Properties utilises the latest technological innovations to deliver high-quality products and services catering to the diverse needs of its partners and clients. Moreover, leveraging Dubai’s advanced infrastructure, favourable investor policies, and a dedicated team, the company seamlessly navigates market dynamics, while diversifying its portfolio.
Ends
Also read: Union Properties reduces debt and secures funding to drive growth
