Page 27 - UNION PROPERTIES GENERAL REPORT - March 2024
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3/18/24, 9:04 AM Union Properties accumulated losses now at 49% of paid-up capital
The company had previously reported AED 2.863 billion in accumulated losses in the third
quarter of 2023, which represented 66.75% of the paid-up capital.
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The developer is currently implementing a 10-year strategic plan to deal with the losses.
The firm recorded a full-year 2023 net profit of AED 811.5 million dirhams, up from the AED
30 million posted a year earlier. Its revenue also went up by 21%.
(Writing by Cleofe Maceda; editing by Seban Scaria)
seban.scaria@lseg.com
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