Press releases, Reports & Disclosures for Union Properties PJSC

Union Properties announced a net profit of AED 37.4m for Q3 2023, compared to a net loss of AED 11.4m in the same period in 2022. The company's revenue grew by 19% year-on-year, from AED 306m in 2022 to AED 365m in 2023. The gross profit also increased by 55% year-on-year, from AED 50m in 2022 to AED 77m in 2023. Additionally, the company's subsidiaries also performed well, with revenue from contracts with customers reaching AED 124m, up from AED 101m in 2022. The gross profit of the subsidiaries increased by 113% to AED 31m in Q3 2023, up from AED 14.7m in 2022.

Union Properties PJSC has begun the execution of a settlement agreement with its former Chairman, Mr. Khalifa Al Hammadi, his family members, and others. The agreement, which includes a settlement amount of AED620 million to be paid to Union Properties through an installment plan, was approved by majority shareholders at the Annual General Meeting held on April 17, 2023. The company sees this as a crucial step in its recovery and turnaround strategy. The agreement took time to finalize due to detailed reviews by the Custodian, Escrow Agent, and other external parties.