Union Properties PJSC

Ticker/ISIN

UPP

AEU000101011

Market/Country

Dubai Financial Market

United Arab Emirates

Latest Stock Price

0.34 AED

2024-10-04

Year to date

0.17 %

3 months

-0.08 %

6 months

-0.25 %

1 year

-0.14 %

3 years

0.00 %

5 years

0.00 %

Country of Origin: United Arab Emirates (U.A.E)

Union Properties Public Joint Stock Company (“the Company”) was incorporated on 28 October 1993 as a public joint stock company by a United Arab Emirates Ministerial decree.

The principal activities of the Company are investment in and development of properties, the management and maintenance of its own properties including the operation of cold stores, the undertaking of property related services on behalf of other parties (including related parties) and acting as the holding company of its subsidiaries and investing in joint ventures.

The Company and its subsidiaries are collectively referred to as “the Group”. All of the Group’s significant business and investment activities in land, properties, securities and financial derivatives are carried out within the UAE. The Group does not have significant foreign currency exposure towards land, properties, securities and financial derivatives.

Latest Pressrelease Summaries

Date: 25/09/2024 Mr. Hamed Ahmed Ali, Chief Executive Officer, Dubai Financial Market, Dubai, United Arab Emirates. Subject: Disclosure of Union Properties PJSC Dear Mr. Ali, We confirm the validity of the media interview conducted by Al Khaleej Newspaper with Eng. Amer Khansaheb, Chief Executive Officer and Board Member of Union Properties PJSC. The interview was published today, Wednesday, 25th of September 2024, in Al Khaleej Newspaper and its website. The interview is titled: "Union Properties to Al Khaleej: 10 million feet of land bank, and projects worth 6 billion soon." Below is the link to the media interview: [Link] Sincerely, Khaled Chaaban, Board Secretary, Union Properties PJSC.

Disclosure: Notification from the company

11 days ago

Union Properties PJSC, a prominent real estate developer in Dubai, is emphasizing its commitment to Emiratisation by participating in the "Ru’ya" Careers UAE 2024 event from September 24 to 26 at the Dubai World Trade Centre. The company aims to engage with Emirati talent, including interns and fresh graduates, as part of its alignment with the UAE Centennial Plan 2071. Currently, 25% of Union Properties' senior management roles are held by UAE nationals. CEO Eng. Amer Khansaheb highlighted the company's dedication to offering valuable opportunities for Emirati professionals and supporting the growth of Dubai's real estate market.

Disclosure: Press release

13 days ago

Union Properties PJSC reported a net profit of AED 18.3 million for Q2 2024, demonstrating strong performance driven by effective operational strategies and cost management. The company's revenue from contractual engagements increased by 7.6% to AED 128 million compared to Q2 2023. Subsidiaries contributed significantly, with a gross profit of AED 52.6 million in H1 2024, a 15% increase from the same period in 2023. Financial costs were reduced from AED 56 million in 2023 to AED 15 million in 2024 due to debt restructuring. The company achieved an accumulated profit of AED 34.8 million in H1 2024, doubling from AED 17.7 million in H1 2023. Additionally, a subsidiary is considering acquiring an outsourcing company to enhance asset value and profitability.

Disclosure: Press release

2 months ago

Union Properties PJSC has reported a strong financial performance for Q1 2024, with a net profit of AED 16.5 million. Revenue increased by 13% to AED 138 million, compared to AED 122 million in Q1 2023. The company's subsidiaries also performed well, achieving a gross profit of AED 34 million, a 28% increase from the same period in 2023. Union Properties has also sold land worth approximately AED 820 million and is currently negotiating offers exceeding AED 900 million. The company made a debt repayment of around AED 300 million in Q1 and plans to repay AED 261 million in Q2, as part of its restructuring plans.

Disclosure: Press release regarding financial results for the 1st QTR of 2024

5 months ago

The Board of Directors of Union Properties PJSC held its third meeting of 2024 on May 14th. The board approved the minutes of the previous meeting, the unaudited financial statement for the first quarter of 2024, and the change of title for Managing Director Amer Khansaheb to Chief Executive Officer. Additionally, they discussed operational and routine matters of the company. The information was conveyed by the Board Secretary, Fadi Saba, to the CEO of Dubai Financial Market, Mr. Hamed Ahmed Ali.

Disclosure: BOD Meeting Results

5 months ago

The CEO of Dubai Financial Market, Mr. Hamed Ahmed Ali, has been informed that the Board of Directors of Union Properties PJSC will hold its third meeting of the year on May 14, 2024, at the company's headquarters. The agenda includes reviewing and approving the previous meeting's minutes, the unaudited financial statements for Q1 2024, discussing operational and routine matters, and any other issues. The information was conveyed by Mohamed Al Fardan, the Chairman of Union Properties PJSC.

Disclosure: BOD Meeting

5 months ago

Union Properties PJSC has shared the outcomes of its 2024 Annual General Meeting, highlighting the company's performance in 2023. The company reported a net profit of AED 837 million in 2023, compared to AED 30 million in 2022. Its subsidiaries also saw significant growth, with revenues from customer contracts increasing to AED 508 million in 2023 from AED 419 million in 2022. The company's management expressed confidence in the real estate market's continued growth in Dubai and the UAE, and is planning to diversify its business portfolio.

Disclosure: AGM Press Release

5 months ago

On April 30, 2024, the Annual General Assembly Meeting of Union Properties PJSC was held at the Ritz Carlton Hotel, DIFC, Dubai. The meeting was also available virtually via the LUMI platform. The meeting's outcomes included the appointment of Mr. Fadi Saba as the meeting rapporteur and Mr. Yousef Qaren as the vote collector. The majority of shareholders approved the Board of Directors' report on the company's activities and financial position for the financial year ending on December 31, 2023. They also ratified the Auditor's Report, the company's balance sheet, and profit and loss account for the same financial year. Finally, the majority of shareholders approved the appointment of new Board member Mr. Abdulrahman Sharaf, who replaced a resigned Board member.

Disclosure: Resolution of General Assembly

5 months ago