Press releases, Reports & Disclosures for Union Properties PJSC

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.

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.