Page 18 - UNION PROPERTIES PR REPORT - November 2023

11/3/23, 1:28 PM In the third quarter of 2023, Union Properties recorded a net profit of Dh20 million - PropertyNews.ae
In the third quarter of 2023, Union

Properties recorded a net profit of

Dh20 million

November 2, 2023 in Dubai, UAE Reading Time: 2 mins read A A

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Union Properties, a developer in Dubai, reported a noteworthy net profit of Dh37.4 million for the
third quarter of 2023. This represents a significant improvement over the net loss of Dh11.4 million

for the same period the previous year.

This was caused by revenue that increased by 19% year over year in Q3 2023, from Dh306 million
to Dh365 million. Furthermore, in Q3 2023, the gross profit increased significantly YoY by 55%,

from Dh50 million to Dh77 million.

The group’s subsidiaries performed admirably in the third quarter of this year as well, helping to

increase revenue from customer contracts to Dh124 million from Dh101 million in Q3 2022. When
compared to the same period the previous year, when the gross profit was Dh14.7 million, it

increased by 113% to Dh31 million.

“We are proud of the remarkable performance showcased by Union Properties and its subsidiaries
in Q3 2023,” said Engineer Amer Khansaheb, Board Member and Managing Director of Union

Properties. “As Dubai’s Real Estate market continues its growth trajectory, we are reinforcing our
commitment to maintaining a leading position and ensuring constant positive growth.”

“This achievement underscores the effectiveness of our strategic approaches, fortifying our

confidence in future prospects,” he added.

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