Profits for Dubai’s Union Properties exceed Dhs500m in Q3 2020

  • Date: 14-Oct-2020
  • Source: Gulf Business
  • Sector:Real Estate
  • Country:UAE
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Profits for Dubai’s Union Properties exceed Dhs500m in Q3 2020

Dubai developer Union Properties has said that it recorded Dhs509.2m net profit in Q3 2020.

Its profits for the nine-month period from January-September 2020 reached Dhs348.8m.

In a statement, the company said that it has now cleared all losses for 2019 as well as for the first and second quarter of 2020. It reduced its accumulated losses below the critical threshold of 50 per cent to 41.8 per cent.

The value of its assets increased 5 per cent from Dhs5.9bn to Dhs6.2bn.

Its shareholders equity also rose from Dhs2.7bn to Dhs3bn.

"In the span of three months, we have restructured the bulk of our debt, substantially reduced our operating costs and reinstated our credit reputation,“ said Khalifa Hasan Al Hammadi, chairman of Union Properties.

Read: Union Properties approves Dhs400m offer for stake in Dubai Autodrome

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