Union Properties reports net profit of AED 5.4mln in the second quarter of 2023

Union Properties reports net profit of AED 5.4mln in the second quarter of 2023

- The Group’s revenue from contracts with customers increased to AED 241 million in the second Quarter of 2023

- The group witnessed 30% growth in its gross profit during the same period

Dubai, UAE: Union Properties PJSC (“Union Properties” or the “Company”) (DFM symbol: UPP) announced an exceptional net profit of AED 17.7 million for the period ended 30th of June 2023 compared to a net loss of AED 12.2 million during the comparable period from the previous year. In addition, the Group’s Subsidiaries also demonstrated significant performance, which drove the revenue from contracts with customers to AED 241 million as well as gross profit increase of 30% from AED 35 million in 2022 to reach AED 46 million in 2023.

The second Quarter of 2023 witnessed a surge in demand for properties across Dubai, and Union Properties capitalised on these favorable market conditions to achieve positive financial results. The company's prudent approach to portfolio management, coupled with innovative and sustainable development strategies, played a vital role in its success, by maintaining exceptional workflow that cater to the ever-evolving requirements of investors and residents.

Amer Khansaheb, Board Member and Managing Director of Union Properties said: "We are thrilled by the exceptional performance of