Dubai-based Union Properties has reported a net profit of AED17.7 million ($4.8 million) for the three-month period ended June 30, 2023 compared to a net loss of AED12.2 million ($3.32 million) last year. 

 

In addition, the group’s subsidiaries also demonstrated significant performance, which drove the revenue from contracts with customers to AED241 million as well as gross profit increase of 30% from AED35 million in 2022 to reach AED46 million in 2023.  

 

The second quarter witnessed a surge in demand for properties across Dubai, and Union Properties capitalised on these favorable 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 in its success, by maintaining exceptional workflow that cater to the ever-evolving requirements of investors and residents.

 

Amer Khansaheb, the 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 a diverse portfolio of residential, commercial, and mixed-use developments, Union Properties is well-positioned to benefit from the increasing opportunities in Dubai’s growing real estate market, he noted. 

 

"The group 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," stated Khansaheb.

 

"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," he added.-TradeArabia News Service