In the second quarter of this year, Union Properties PJSC (Union Properties) (DFM symbol: UPP) produced a net profit of AED 18.3 million, demonstrating continued strong performance. This demonstrates the company’s tenacity in pursuing steady, profitable growth via sound operational plans and efficient cost control.
Building on the strong results of the first quarter of 2024, “Union Properties” experienced a prosperous second quarter of 2024, with revenue from contractual engagements rising by 7.6% to AED 128 million from AED 119 million in the second quarter of 2023. The subsidiaries of the group made a substantial contribution as well, totaling an accumulated gross profit of AED 52.6 million in H1 2024, up 15% from AED 45.6 million in the same period in 2023.
The company’s total profit for the first half of 2024 is AED 34.8 million, more than twice as much as it made for the same period in 2023 (AED 17.7 million).
Eng. Amer Khansaheb, Chief Executive Officer and Board Member at Union Properties PJSC, said: “The remarkable second quarter financial results, fuelled by high property sales and Dubai’s real estate market uptrend, reflect our dedication to excellence and strategic growth. These achievements underscore our ability to navigate complex business dynamics. With visionary leadership and an innovative strategy, we aim to solidify our position in the UAE’s real estate sector and to launch projects worth AED 5 billion in the short to medium term.”
