Page 43 - UNION PROPERTIES PR REPORT - August 2024

8/5/24, 10:33 AM Dubai’s Union Properties turns in Dh18.3 million net profit
Decrease in Financial Costs; Accumulated Profit

Rises

The restructuring of long-term debt with the banks has been the most essential

step towards the financial turnaround of Union Properties. It sharply reduced

financial costs to Dh56 million in 2023 from Dh15 million in 2024. In H1 2024,

Union Properties achieved an accumulated profit of Dh34.8 million, doubling its

earnings from Dh17.7 million in H1 2023.

Strategic Acquisition Plans

Looking ahead, the Union Properties is exploring a number of strategic

acquisitions to drive more value and profitability for its assets. This may equally

become a reality if one of the subsidiaries succeeds in a proposal placed before

it to acquire an outsourcing company, which may serve to drive up the overall

value and financial performance of the firm.

Future Outlook and Strategic Goals

Khansaheb pointed out that the company is focused on strategic sustainability

and creation of shareholder value. “These amazing second-quarter financial

results, driven by high property sales and Dubai’s uptrend in the real estate

market, are a reflection of our commitment to excellence and strategic growth,”

he said. “They are a testament to the fact that we can sustain complex business

dynamics.”

Union Properties still adheres to its commitment to driving innovation and

strategic investment for long-term growth. It is embarking on major projects

that would add even more value to its offerings, thus remaining at the helm in

the competitive UAE real estate sector.

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