Page 33 - UP PR REPORT - February 2025

Union Properties continues its

turnaround with a strong FY 2024

Dubai real estate company Union Properties kept up its amazing financial
comeback. The company’s new audited financial results for the fiscal year 2024
showed impressive growth and financial health. Let’s see their amazing FY2024
results.

Record-Breaking Financial Results

Union Properties didn’t just meet expectations; it exceeded them by a wide
margin. The company showcased an operating profit of AED 161.8 million
($44.06 million) in 2024, a 59% increase from the year before. The total
comprehensive income looks even better. It reached AED 395 million ($107.56
million). This number includes all parts of the company’s financials, both from its
operational and non-operational factors.

Revenue Growth and Customer Contracts

While the jump in operating profit catches the eye, Union Properties also saw
growth in its revenue from customer contracts. The company reported AED 528.7
million ($144 million) revenue in 2024, an increase from AED 508 million
($138.33 million) in 2023. This small rise in revenue shows the company’s ability to
maintain and grow its customer base.

Debt Restructuring

One of the key factors in Union Properties’ turnaround has been its debt
restructuring success. The company paid back a total of AED 723 million ($196.9
million) in 2024. This bold strategy to cut debt has greatly affected the company’s
financial health and future outlook.
This debt restructuring is clearly visible in the company’s finance costs. These
costs dropped to AED 31.7 million ($8.63 million) in 2024, down from AED 114

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fy/