Page 24 - UNION PROPERTIES PR REPORT - August 2024

Union Properties reports strong

Q2 2024 performance with a net

profit of $4.9 million

August 5, 2024

in Dubai, Reports and Updates, UAE

Reading Time: 1 min read

In the second quarter of this year, Union Properties PJSC (Union Properties) (DFM symbol: UPP)
produced a net profit of AED 18.3 million, demonstrating continued strong performance. This
demonstrates the company’s tenacity in pursuing steady, profitable growth via sound operational
plans and efficient cost control.
Building on the strong results of the first quarter of 2024, “Union Properties” experienced a
prosperous second quarter of 2024, with revenue from contractual engagements rising by 7.6% to
AED 128 million from AED 119 million in the second quarter of 2023. The subsidiaries of the group
made a substantial contribution as well, totaling an accumulated gross profit of AED 52.6 million in
H1 2024, up 15% from AED 45.6 million in the same period in 2023.
The company’s total profit for the first half of 2024 is AED 34.8 million, more than twice as much as
it made for the same period in 2023 (AED 17.7 million).
Eng. Amer Khansaheb, Chief Executive Officer and Board Member at Union Properties PJSC, said: “The
remarkable second quarter financial results, fuelled by high property sales and Dubai’s real estate
market uptrend, reflect our dedication to excellence and strategic growth. These achievements
underscore our ability to navigate complex business dynamics. With visionary leadership and an
innovative strategy, we aim to solidify our position in the UAE’s real estate sector and to launch projects
worth AED 5 billion in the short to medium term.”

https://www.propertynews.ae/uae/union-properties-reports-strong-q2-2024-performance-with-a-
net-profit-of-4-9-million/