Staff Report
Dubai, UAE
Union Properties, a Dubai-based leading master property developer, has bounced back to profitability with a Dh17.7 million profits recorded in the first half of 2023, compared to Dh12.2 million loss reported for the same period last year.
The developer, which delivered Motor City and the iconic Index Tower, also reported a net profit of Dh5.4 million in the second quarter of 2023.
The company’s revenue from contracts with customers increased to Dh241 million during the same period as well as gross profit increased 30 percent from Dh35 million in the first half of 2022 to reach Dh46 million in the first half of 2023.
“The second quarter of 2023 witnessed a surge in demand for properties across Dubai, and Union Properties capitalised on these market conditions to achieve positive financial results. The company’s prudent approach to portfolio management, coupled with innovative and sustainable development strategies, played a vital role by maintaining exceptional workflow that cater to the ever-evolving requirements of investors and residents,” the company said in a statement.
Union Properties is well-positioned to benefit from the increasing opportunities in Dubai’s growing Real Estate Market. The developer continues to offer top-notch products and services to its clients and affiliates as a result of an evident rise in contracts and increased adoption of innovative technologies.
Amer Khansaheb, Board Member and Managing Director of Union Properties said, “We are thrilled by the exceptional performance of Union Properties and its subsidiaries during the second Quarter of 2023. The achieved net profit highlights our strategy efficiency and instills confidence in prospects. With strategic positioning, we capitalise on Dubai’s thriving Real Estate Market momentum. Our team’s dedicated members through their extensive experience, continue to deliver exceptional value for stakeholders and solidify our position as an industry leader. Onward to greater heights.”
The current increase in net profit also represents Union Properties’ steadfast commitment to maintaining transparency with the market and its clients. Looking ahead with the steady growth in Dubai’s real estate market, the group seeks to stimulate its expansion and growth plans.
The company is also capable of embracing new possibilities, building upon its strong base, and thus contributing back to Dubai’s solid real estate industry.
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