Page 93 - UNION PROPERTIES GENERAL REPORT - April 2024_Neat

4/4/24, 12:42 PM Union Properties achieves $222.34mln plot sales in Q1-24
The DFM-listed company is set to repay an additional AED 250 million in Q2-24, marking a
significant milestone in its debt restructuring plan agreed with local banks.

ADVERTISING

The restructuring aims to lower the financing costs and deleverage Union Properties’
balance sheet for improved profitability and enhanced cash flow generation.

In line with its commitment to reducing the accumulated losses, the company and its

subsidiaries boosted efforts to restructure the outstanding debt and reduce the finance
cost.

Amer Khansaheb, Managing Director of Union Properties, commented: “We have

witnessed significant improvement on the demand for company-owned plots in Motor City,
leading to increased cash flow during Q1-24.”

“With a bolstered balance sheet and improved free cash flows, we are now in a strong

position to leverage our deep expertise, reputation, and highly sought-after land bank
locations to pursue strategic growth opportunities and expand our market presence with

confidence and agility,” Khansaheb added.

https://www.zawya.com/en/markets/equities/union-properties-achieves-22234mln-plot-sales-in-q1-24-p3c699t4 2/3