Dubai’s Union Properties swings to Dh285,000 profit in Q2 2022

Dubai’s Union Properties swings to Dh285,000 profit in Q2 2022

Dubai: Dubai developer Union Properties eked out a marginal Dh285,000 net profit during the April-June period against net losses of Dh12 million in the first quarter, offering the first glimpse that a turnaround strategy might be at work. Some of the subsidiaries also managed to turn in ‘healthy performance improvements’, UP said. The biggest improvements also came by taking a drastic approach to saving costs, with expenses down 42 per cent year-on-year to Dh17 million in Q2-2022. The developer, with projects such as Motor City and Green Community, had been through an extremely tortuous 2021, seeing to a new Board of Directors coming in and trying to work out a revival strategy. “We remain laser focused on driving growth and delivering cost efficiencies, particularly at a subsidiary level,” said Amer Khansaheb, Board Member and Managing Director of Union Properties. “Of note, we have launched a number of initiatives to optimise performance across the business, including the consolidation of three of our business units into Edacom Asset Management, which is expected to deliver significant cost savings over the remainder of the year. The work underway lays a solid foundation for future growth and value creation for our shareholders.” UP still retains