Compared to a net loss of AED 12.2 million during the same time the previous year, Union Properties PJSC reported an exceptional net profit of AED 17.7 million for the period ending June 30th, 2023. Additionally, the Group’s Subsidiaries showed noteworthy performance, which increased contract income from clients to AED 241 million and gross profit by 30% from AED 35 million in 2022 to AED 46 million in 2023.
A boom in demand for properties was seen in Dubai during the second quarter of 2023, and Union Properties took advantage of these opportune market circumstances to post profitable results. The company’s conservative portfolio management strategy, along with creative and sustainable development methods, was a key factor in its success since it allowed it to maintain an excellent workflow that catered to the constantly changing needs of residents and investors.
Amer Khansaheb, Board Member and Managing Director of Union Properties, said: “We are thrilled by the exceptional performance of Union Properties and its subsidiaries during the second Quarter of 2023. The achieved net profit highlights our strategy efficiency and instills confidence in prospects. With strategic positioning, we capitalise on Dubai’s thriving Real Estate Market momentum. Our team’s dedicated members through their extensive experience, continue to deliver exceptional value for stakeholders and solidify our position as an industry leader. Onward to greater heights.”