UAE Business: Union Properties swings to Q3 profit as turnaround strategy delivers – Gulf Digital News

UAE Business: Union Properties swings to Q3 profit as turnaround strategy delivers – Gulf Digital News

UAE developer Union Properties has reported a net profit of AED825,000 for the third quarter, compared to a net loss of AED31 million last year, thanks to its turnaround strategy that continues to show positive results with good progress on cost efficiencies.

Announcing its consolidated financial results for the ninemonth and three-month period ended  September 30, 2022, Union Properties said revenue from contracts with customers increased by 3% to AED101 million in Q3 2022, compared to the same period last year as the group’s subsidiaries delivered healthy performance improvements that were supported by strong market dynamics in the UAE’s real estate sector. 

Operating profit in the nine month period increased significantly to AED7.1 million, from a loss of AED39.9 million in the same period last year.

On the results, Amer Khansaheb, Board Member and Managing Director, said: "We have maintained our strong growth trajectory in the third quarter building on the positive momentum in the first six months of 2022. We are continuing to see the positive benefits of our business Turnaround Strategy and remain confident that we will see further progress in the months ahead."

"We remain focused on driving growth and delivering cost efficiencies, particularly at