Union Properties PJSC profits exceed $138.63m in Q3 2020

SourceArabian Industry
SectorReal Estate
CountryUnited Arab Emirates

UAE-based real estate development group Union Properties PJSC – which has a portfolio of diversified subsidiaries – has reported a net profit of $138.63m (AED509.2m) at approximately 12fils per share during Q3 2020.The profit for the first nine months of 2020, for the period ending on 30 September 2020, reached $94.96m (AED348.8m) at approximately 8 fils per share.With these realised profits, the firm has cleared all losses for 2019 as well as for the first and second quarter of 2020 and increased its assets to $1.69bn (AED6.2bn) from $1.6bn (AED5.9bn).The group has also increased the shareholders equity to $816.78m (AED3bn) from $735.1m (AED2.7bn), and has reduced its accumulated losses below the critical threshold of 50% to 41.8%. Commenting on the results, the ...read more...