Union Properties, a leading Dubai real estate developer listed on Dubai Financial Market, announced a total profit of AED32.4 million ($8.82 million) for the six months ended June 30, 2021, compared to a loss of AED160.4 million for the same period last year. 

 

The company's profits increased by 483 per cent in the second quarter of 2021 - with profits reaching AED26.83 million - compared to the first quarter, the company said.

 

The most notable positive results came from revenues from customer contracts which increased to approximately AED197.5 million while the company's assets increased to AED 6 billion, and in terms of financing costs, it witnessed a significant decrease of 32 per cent compared to the same period last year 2020. 

 

Khalifa Hassan Al Hammadi, Chairman of the Board of Directors, said: "The positive performance of Union Properties and its subsidiaries for the second consecutive quarter is noteworthy and reaffirms the management's endeavours and implementation of its strategy and vision to preserve shareholders' rights and achieve the best results. In line with these efforts, the independent external auditor removed its qualification on the additional gross floor area recovered by the management for the benefit of the company's shareholders during the third quarter of the last year 2020, which emphasises on the validity of the procedures taken by the Management and dismiss all the misleading information that echoed on this subject."

 

He added: "During the second quarter of this year, we witnessed a significant positive shift in many business activities, which confirms that we are on track to overcome the adverse effects of the pandemic and are now looking forward to the most significant event in the region, Expo 2020, which launches in less than 50 days. There is no doubt that it will be the biggest contributor in the recovery of the real estate market in the Emirate of Dubai and its related activities." -TradeArabia News Service