Page 43 - AAE PR REPORT - February 2024
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2/15/24, 11:11 AM DFM-listed Al Ansari Financial Services to pay another Dh300m dividend after Dh495m profit | Markets – Gulf News
The recent wave of IPOs have been firing up volumes on DFM, and so have listed property companies and
banks. Amidst these are those in the midst of a turnaround, such as Union Properties, Gulf Navigation and
Amlak.
Image Credit: Bloomberg
Dubai: The Union Properties’ comeback story continues, with the Dubai developer
confirming net profits of Dh812 million for 2023 – and quite the leap from the Dh30
million of the year before. And well past the succession of losses it had undergone prior
to that.
The revenues for 2023 were Dh508 million, which means the profit tally would feature
one-off gains or other factors. Even then, the Dh812 million comes from a ‘successful
turnaround strategy’ and which ‘continues to demonstrate positive results’. Union
Properties also mentions progress on cost efficiencies and debt restructuring, which is
the one it struck with Emirates NBD.
These are preliminary results, and the complete breakdown of costs and all the rest of it
will be released soon enough.
But on the numbers provided, “Union Properties’ turnaround plans seem to be working
– and working well,” said an analyst. “Legacy issues seem to be getting settled, whether
https://gulfnews.com/business/markets/dfm-listed-union-properties-turns-in-dh812m-net-profit-as-comeback-journey-continues-1.1707979671499 4/6
