Union Properties reports net profit of AED 5.4 million in second Quarter of 2023 driven by continued growth in Dubai's real estate market

WAM
28 Jul 2023, 03:38 GMT+10

DUBAI, 27th July, 2023 (WAM) -- Union Properties PJSC announced an exceptional net profit of AED 17.7 million for the period ended 30th of June 2023 compared to a net loss of AED 12.2 million during the comparable period from the previous year. In addition, the Group's Subsidiaries also demonstrated significant performance, which drove the revenue from contracts with customers to AED 241 million as well as gross profit increase of 30 percent from AED 35 million in 2022 to reach AED 46 million in 2023.

The second Quarter of 2023 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, 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."

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