Union Properties posts AED509m profit in Q3 2020

  • Date: 14-Oct-2020
  • Source: Emirates Business
  • Sector:Financial Markets
  • Country:UAE
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Union Properties posts AED509m profit in Q3 2020

Union Properties posts AED509m profit in Q3 2020 Admin 2 hours ago Real EstateDubai / WAMUnion Properties announced on Tuesday its financial results for the three-month period ended on September 30, with a net profit of AED509.2 million (approximately 12 fils per share), while the profit for the nine-month period of the current year reached to AED348.8 million (approximately 8 fils per share). With these realised profits, the group has cleared all losses for 2019 as well as for the first and second quarter of this year, increased its assets to AED6.2 billion from AED5.9 billion, increased the Shareholders Equity to AED3 billion from AED2.7 billion, and reduced its accumulated losses below the critical threshold of 50 percent to 41.8 percent. Khalifa Hasan Al Hammadi, Chairman of Union Properties,