Dubai’s Union Properties reports Q3 profits of $225,000

Dubai’s Union Properties reports Q3 profits of $225,000

Dubai’s Union Properties reported a profit of AED 825,000 ($225,000) in the third quarter of 2022, but accumulated losses reached AED 2.94 billion, 68.52% of capital ratio.

In a statement to Dubai Financial Market (DFM), managing director Amer Khansaheb said the company had maintained a strong growth trajectory and was continuing to see benefits from its business turnaround strategy.

This was despite a loss of AED 11.37 million being reported for the first nine months of 2022, compared to an AED 1.37 million profit for the same period in 2021.

“We remain focused on driving growth and delivering cost efficiencies, particularly at a subsidiary level,” he said.

“Looking ahead, we are cautiously optimistic as we explore several development options that we expect to generate long term value for our investors.”

Q3 profits increased year-on-year to AED 825,000, up from a loss of AED 31 million in 2021.

Revenue from contracts with customers for Q3 2022 was up to AED 101.2 million from 98.6 million YoY. For the first nine months of 2022 it was AED 305.7 million, up from AED 296 million YoY.

The company said in a press release that administrative and general expenses declined by 50% YoY to AED 16.8 million in Q3 2022, and