Dubai developer Union Properties reports $1.47mln Q2 profit

Dubai developer Union Properties reports $1.47mln Q2 profit

Union Properties PJSC (UPP) reported a profit of 5.4 million dirhams ($1.47 million) for Q2 2023, saying it had a steadfast commitment to market transparency, following a troubled period for the Dubai-based developer.

The company, which announced in April it had reached a settlement with dismissed chairman Khalifa Al Hammadi and other board members after alleged financial regularities in 2021, saw its profit increase from AED 285,000 in the second quarter of 2022.

Revenue for the quarter was AED 119 million, up from AED 98.7 million year-on-year.

For H1 2023, the company reported a profit of AED 17.7 million, up from a loss of AED 12.2 million in H1 2022, with revenue of AED 241 million, up from AED 204 million.

The company said in a statement: “The second quarter of 2023 witnessed a surge in demand for properties across Dubai, and Union Properties capitalised on these favourable market conditions to achieve positive financial results.”

(Writing by Imogen Lillywhite; editing by Brinda Darasha)

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