Page 42 - UNION PROPERTIES PR REPORT - August 2024

8/5/24, 10:33 AM Dubai’s Union Properties turns in Dh18.3 million net profit
With the group having performed well in Q1 2024, this is an attestation to the

company’s effective cost controls and operational strategies. The net profit has

turned big-time to underline efforts of Union Properties in streaming

operations and enhancing profitability. According to Amer Khansaheb, Chief

Executive Officer and Board Member at Union Properties, “The results reflect

the high property sales and the continuing uptrend of the Dubai property

market.”.

Khansaheb noted that the firm takes a long-term view of the UAE real estate

sector and commits to establishing itself in the marketplace. “We intend to

solidify our position in the UAE’s real estate sector and launch projects worth

Dh5 billion in the short to medium term,” he said, underlining the ambitious

growth plans of the company.

Q2 2024 Successful and Revenue Climbs

Union Properties continued its sterling performance into the second quarter of

2024 and announced a 7.6 percent rise in revenues from contractual

engagements. Revenue grew to Dh128 million from Dh119 million reported

during Q2 2023, underlining the continuous success that the firm is having

regarding leveraging the robust real estate market conditions.

Gross Profit Rises Substantially

Its subsidiaries have equally propelled the company to financial glory. Gross

profit came in at Dh52.6 million for H1 2024, up 15 percent compared to

Dh45.6 million for the corresponding period of 2023, driven by effective cost

management and operational efficiency in its business units.

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