Union Properties, the iconic property developer with a portfolio of various subsidiaries, reported AED5.6 million ($1.52 million) in total profit for the first quarter of 2021 in comparison to a net loss of AED121.9 million for the same period in 2020.
The organization has credited this benefit to various key variables including the group’s focus for catching group collaborations through improving key operational activities across the group, a critical decrease in overall group costs including a diminishing for direct expenses and administrative expenses of 6.4% and 14.2% individually year on year, just as the group’s obligation to paying an enormous segment of its obligation which has brought about an amazing decrease in money expenses of 42.1% year on year.
On this occasion, the Chairman of the Board of Directors, Khalifa Hassan Al Hammadi commented: “Our results for the financial period ending on 31-03-2021 represent an encouraging start for this year. While the world is still struggling to recover from the economic and health implications imposed by the spread of the Covid-19 pandemic, we at Union Properties have sought out to optimize our cash flows by adopting a flexible policy to adapt to the economic changes.”
“In the UAE, we have been fortunate with wise leadership that has dealt with the spread of the pandemic and its economic repercussions with a high level of professionalism and grace. This success that was attributed to extraordinary measures that balanced the nation, citizens, and residents’ interests has further propelled the nation to become one of the first countries leading the global economic recovery.”