Union Properties delivers net profit of $3.35mln in Q1 2023

Union Properties delivers net profit of $3.35mln in Q1 2023

DUBAI – Union Properties PJSC (Union Properties) announced its consolidated financial results for the quarter ended 31 March 2023.

Union Properties maintained strong positive momentum during the first quarter of 2023 as it continued to successfully implement its turnaround strategy.

The company reported net profit of AED 12.3 million in Q1 2023 compared to a net loss of AED 12.5 million during the same period last year.

Revenue from contracts with customers increased to AED 122.1 million in Q1 2023, up 16% compared to the same period last year, as the group’s subsidiaries continued to deliver robust performance improvements, supported by a thriving real estate market in the UAE.

Union Properties delivered significant efficiency improvements during the quarter as part of its strategy to enhance profitability through fiscal prudence. As a result, administrative and general expenses declined 21% year-on-year to AED 16.6 million in Q1 2023. Consequently, operating profit increased considerably by 335% to AED 19.8 million in Q1 2023, compared to the same period last year.

Commenting on the results, Mr. Amer Khansaheb, Board Member and Managing Director of Union Properties, said: “We continue to make strong progress with the implementation of our turnaround strategy, building on the significant milestones achieved in the previous