DUBAI: Real estate developer Union Properties has announced a total profit of AED32.4 million during the first half of 2021 compared to a loss of AED160.4 million for the same period last year 2020.
The company’s profits increased by 483 percent in the second quarter of 2021— with profits reaching AED26.83 million—compared to Q1 2021.
Contributing most to the positive results was revenues from customer contracts, which increased to approximately AED197.5 million while the company’s assets increased to AED 6 billion.
In terms of financing costs, it witnessed a significant decrease of 32 percent compared to the same period in 2020.
Khalifa Hassan Al Hammadi, Chairman of the Board of Directors, said, “The positive performance of Union Properties and its subsidiaries for the second consecutive quarter is noteworthy and reaffirms the management’s endeavors and implementation of its strategy and vision to preserve shareholders’ rights and achieve the best results.”
He said during the second quarter, the company witnessed a positive shift in many business activities, genuine estate in the UAE in general and in Dubai in particular.
“This confirms we are on track to overcome the adverse effects of the pandemic and are now looking forward to the most significant event in the region, Expo 2020, which launches in less than 50 days, there is no doubt that it will be the biggest tributary in the recovery of the real estate market in Dubai and its related activities,” he said.
