In Q2 2023 Union Properties reports a net profit of $1.5 million

Union Properties PJSC has reported a remarkable net profit of AED 17.7 million for the period ending on June 30, 2023, marking a significant turnaround from the net loss of AED 12.2 million recorded during the corresponding period of the previous year. Furthermore, the subsidiaries within the Group showcased noteworthy performance, propelling the revenue from contracts with customers to AED 241 million. Additionally, there was a substantial 30% increase in gross profit, rising from AED 35 million in 2022 to AED 46 million in 2023. The second quarter of 2023 experienced a surge in property demand across Dubai, and Union Properties capitalized on this favourable market trend to achieve positive financial outcomes. The company's prudent portfolio management and innovative, sustainable development strategies played a pivotal role in its success, maintaining an exceptional workflow that caters to the evolving needs of investors and residents.

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 instils 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.”

With a diverse portfolio encompassing residential, commercial, and mixed-use developments, Union Properties is strategically positioned to capitalize on the expanding opportunities in Dubai's burgeoning real estate market. The Group remains committed to delivering top-notch products and services to its clients and affiliates, evidenced by a noticeable increase in contracts and the adoption of innovative technologies.

The current uptick in net profit underscores Union Properties' unwavering commitment to transparency with the market and its clients. Looking forward, amidst the steady growth in Dubai's real estate market, the group aims to energize its expansion and growth plans. The company is poised to embrace new opportunities, leveraging its strong foundation to contribute further to Dubai's robust real estate industry.