Union Properties PJSC

Union Properties PJSC

UPP

1 week

-0.05 %

1 month

0.11 %

3 months

0.17 %

OverviewInsightsDisclosures

Union Properties PJSC

Logotype for Union Properties PJSC
Ticker/ISIN
UPP
AEU000101011
Market/Country
Dubai Financial Market
United Arab Emirates

About Union Properties PJSC

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 from Union Properties PJSC

Union Properties PJSC reported strong financial performance in the third quarter of 2024, achieving a profit of AED 53 million. The company reduced its legacy bank debts by 56.5% to AED 682 million. Over the first nine months of 2024, revenue from contractual agreements rose by 7% to AED 389 million compared to the same period in 2023. The company's subsidiaries contributed significantly to this growth, with a 47% increase in accumulated gross profit, reaching AED 53 million. Union Properties also decreased its financial costs from AED 85 million in 2023 to AED 22 million in 2024 through debt restructuring and repayment. By the end of the first nine months, the company's current assets exceeded current liabilities by AED 326.2 million, indicating strong liquidity and financial health.
The letter, dated October 11, 2024, from Khaled Chaaban, Board Secretary of Union Properties PJSC, addresses an inquiry regarding the discrepancy between the estimated project value of AED 2 billion mentioned in a press release and the project cost of AED 1.15 billion stated in a disclosure. The letter clarifies that the disclosed project cost includes only construction-related expenses, excluding additional costs such as marketing, sales, management, overheads, and financing. The total project value reflects the entire project, and the company's current strategy is to retain ownership of some units to increase annual recurring income, rather than selling the entire project. Therefore, the project's value should not be calculated simply by adding construction costs and estimated profits.
Union Properties has launched the 'Takaya' project in Dubai Motor City, aiming to enhance urban living in Dubai's real estate market. The project, unveiled at the Ritz Carlton DIFC, includes three residential towers with 744 apartments, penthouses, townhouses, villas, and commercial spaces. It features a 500-meter retail boulevard and overlooks the Dubai Autodrome. Takaya offers a range of unit sizes and competitive pricing, along with spacious living areas and a post-handover payment plan. The project is designed to attract investors and meet diverse customer needs, contributing to the development of Dubai's real estate sector.
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.
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.
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.
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.
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.

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Dubai Financial Market News

Dubai Financial Market News

News Update From Union Properties PJSC

Disclosure: Financial statements for the 2n QTR of 2024

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Union Properties PJSC

Disclosure: Press release

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.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Union Properties PJSC

Disclosure: Detailed Analysis Accumulated Losses

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Union Properties PJSC

Disclosure: Results of BOD Meeting

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Union Properties PJSC

Disclosure: BOD meeting

1. Attached Document

BondSharesBond

BondSharesBond

Commented on RealEstateKings Transaction regarding Union Properties PJSC

Intriguing move with Union Properties, RealEstateKing. Diversifying with 88 shares at 0.28 AED could add some excitement to your portfolio. Keep an eye on market signals; timing is everything. Cheers.
ShareUkKhan

ShareUkKhan

Commented on RealEstateKings Transaction regarding Union Properties PJSC

Wow, what a move! Union Properties at 0.39 AED is a steal. Diversifying into Industrials next? Keep rocking the portfolio like a true king! 💪✨
TomFlooz

TomFlooz

Commented on RealEstateKings Transaction regarding Union Properties PJSC

Nice move on Union Properties! With your diverse portfolio and steady yields, you're setting a solid foundation. Keep it up, and let's see those returns soar! 🚀
QueenOfCommunication

QueenOfCommunication

Commented on RealEstateKings Transaction regarding Union Properties PJSC

Nice move grabbing Union Properties at that price! Diversifying into real estate could really balance out your portfolio. Keep an eye on those long-term gains! 🚀📈
Dubai Financial Market News

Dubai Financial Market News

News Update From Union Properties PJSC

Disclosure: Detailed Analysis Accumulated Losses

1. Attached Document

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