Dubai developer Union Properties puts another tick in comeback

Dubai developer Union Properties puts another tick in comeback

Dubai: The Dubai developer Union Properties is making progress on putting as much distance between its spate of losses and the recent gains it's been having. For Q1-2023, the company saw net profit total Dh12.3 million from a Dh12.5 million loss a year ago - and thus adding another positive to its attempts to restructure, sell off around Dh1 billion worth of assets, and secure a viable future. Revenue from contracts with customers rose to Dh122.1 million, up 16 per cent, as group 'subsidiaries continued to deliver robust performance improvements'. Plus, there are benefits coming from lowering costs, raising efficiencies. The admin and general expenses declined 21 per cent year-on-year to Dh16.6 million and that meant the operating profit was up 335 per cent to Dh19.8 million. Union Properties still has accumulated losses of Dh2.8 billion, which as a percentage of the capital is 67.7 per cent. Amer Khansaheb, Managing Director of Union Properties, said: “We continue to make strong progress with the implementation of our turnaround strategy, building on the significant milestones achieved the previous year. The successful execution of our strategy is evidenced by Union Properties’ return to net profitability and its impressive 335 per cent increase in