Union Properties shifts to losses in 9M-22; accumulated losses hit AED 2.93bn

Union Properties shifts to losses in 9M-22; accumulated losses hit AED 2.93bn

Dubai – Mubasher: Union Properties turned to net losses worth AED 11.37 million in the first nine months (9M) of 2022, against net profits of AED 1.36 million in the year-ago period.

Revenues from contracts with customers jumped to AED 305.69 million in the January-September 2022 period, versus AED 296.01 million in 9M-21, according to the income statements.

The basic and diluted loss per share stood at AED 0.0027 in 9M-22, compared to earnings per share (EPS) of AED 0.0003 during the same period a year earlier.

Union Properties reported accumulated losses worth AED 2.93 billion as of 30 September 2022, accounting for 68.52% of its capital.

In the third quarter (Q3) of 2022, the DFM-listed firm turned to net profits worth AED 825,000, compared to net losses of AED 31.01 million in Q3-21.

Furthermore, the revenues from contracts with customers amounted to AED 101.23 million in Q3-22, up 3% year-on-year (YoY) from AED 98.57 million.

Meanwhile, the basic and diluted EPS settled at AED 0.0002 in the July-September 2022 period, against a loss per share of AED 0.0072 in Q3-21.

Amer Khansaheb, Board Member and Managing Director of Union Properties, said: “We have maintained our strong growth trajectory in Q3 building on the positive momentum in