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

The text is a disclosure regarding the approval of proxies, based on Clauses 1 and 2 of Article 40 of the Corporate Governance Manual. It informs shareholders that they can delegate someone, who is not a board member or company employee, to attend the general assembly on their behalf. The delegated person must have a written authorization stating their right to attend and vote, and they cannot represent more than 5% of the company's issued capital. Shareholders lacking legal capacity must be represented by their legal representatives. The shareholder's signature on the power of attorney must be approved by specific entities such as a notary public, a chamber of commerce, a licensed bank or company, financial markets, or any licensed entity for attestation. The proxy form should include the contact details of the shareholder and the brokerage firm that approved the proxy.

Disclosure: Invitation of General Assembly

a month ago

Union Properties reported strong financial results for the fiscal year 2024, achieving a comprehensive income of AED 395 million and a 59% growth in operating profits. The company's success is attributed to the strong performance of its subsidiaries, effective debt restructuring, and increased demand for its real estate projects. Operating profit reached AED 161.8 million, and revenue from customer contracts rose to AED 528.7 million, compared to AED 508 million in 2023. In 2024, Union Properties completed debt repayments totaling AED 723 million and reduced finance costs from AED 114 million in 2023 to AED 31.7 million. The company plans to address accumulated losses through capital reduction, aiming to strengthen its capital structure and enable future dividend distribution.

Disclosure: Press release regarding financial results for the year of 2024

2 months ago

This document announces that Union Properties PJSC’s Board of Directors will hold its first meeting of 2025 on Thursday, February 13, 2025, at 2:00 PM at the company’s headquarters. The meeting agenda includes reviewing and approving the previous Board meeting minutes, reviewing and approving the audited consolidated financial statements for the year ending December 31, 2024, discussing methods to extinguish accumulated losses, considering a call for the Annual General Assembly Meeting (including a proposal to reduce the company’s share capital to address these losses, subject to regulatory approval), and addressing any other matters. The letter is signed by the Chairman of Union Properties PJSC.

Disclosure: BOD meeting

2 months ago

Union Properties has announced a reduction in its legacy debt from AED 1.47 billion in FY2022 to AED 575 million by the end of December 2024, with plans to further decrease it by AED 150 million by the end of Q1 2025. The company has also secured new bank loans of AED 150 million to support upcoming investments expected to generate an annual income of AED 40 million. Through its debt restructuring strategy, Union Properties has lowered financing costs significantly, improving profitability and liquidity. The company has generated AED 1.3 billion by selling plots as part of its asset divestment strategy to settle debts and fund new projects. Additionally, Union Properties plans to retain 10 million sq. ft. of Gross Floor Area for future development, demonstrating its commitment to sustainable growth in the UAE's real estate sector.

Disclosure: Press release

3 months ago

Union Properties PJSC announced it has achieved AED 1.3 billion in plot sales since implementing its 5-year turnaround strategy in April 2023. This milestone highlights the company's growth and market position, as well as its success in executing its strategic plans to create shareholder value. CEO Eng. Amer Khansaheb emphasized the company's commitment to excellence, financial strength, and debt reduction, attributing these achievements to the turnaround strategy. Union Properties aims to continue meeting market demands while enhancing operational efficiency and driving sustainable growth.

Disclosure: Press release

3 months ago

Union Properties has commenced construction on its AED 2 billion "Takaya" project in Dubai Motor City. This mixed-use development spans 436,175 square feet and includes three residential towers with 788 luxury units, ranging from studios to villas, alongside a 500-meter shopping boulevard. The project aims to redefine urban living in the mid-to-high range segment with modern amenities and upscale environments. The ground-breaking ceremony took place on December 20, 2024, attended by key figures from Union Properties, highlighting the company's commitment to supporting the UAE's real estate industry and contributing to Dubai's sustainable growth. The foundational work is expected to be completed in six months.

Disclosure: Press release

4 months ago

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.

Disclosure: Press release

6 months ago

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.

Disclosure: Clarification from the company

6 months ago

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DFM News

News Update From Union Properties PJSC a year ago

Disclosure: Press release regarding preliminary financial results for the year of 2023

Properties' operations, the performance of its subsidiaries, and the overall expansion of the real estate sector in the UAE. In 2023, Union Properties recorded a net profit of AED 811 million, marking a growth of 2607% in net profits. The company's revenue also increased to AED 508 million from AED 419 million in 2022, reflecting the remarkable improvement in the performance of its subsidiaries and the continuous growth of the real estate sector in the UAE. The company is progressing steadily towards growth and prosperity, with a focus on correcting its capital structure and proceeding with real estate development projects.

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DFM News

News Update From Union Properties PJSC a year ago

Disclosure: Preliminary financial results for the year of 2023

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DFM News

News Update From Union Properties PJSC a year ago

Disclosure: Notification from the Company

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DFM News

News Update From Union Properties PJSC a year ago

Disclosure: Press Release

Dubai-based Union Properties PJSC has reached settlement agreements with Dubailand and Emirates NBD after extensive negotiations. Union Properties will pay Dubailand AED400 million over three years, which will allow the company to repurpose parts of its Motor City master plan. This could lead to additional residential zones and increased Gross Floor Area (GFA), potentially increasing shareholder value. Union Properties will also pay Emirates NBD AED850 million within nine months. These settlements mark a significant achievement for Union Properties, supporting its turnaround strategy and progress towards profitability.

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BondSharesBond

Commented on RealEstateKings Transaction regarding Union Properties PJSC a year ago

Union Properties PJSC, a bold move. I see potential despite the real estate sector's volatility. Yet, always remember, in our world, not all that glitters is gold.

DFM News

News Update From Union Properties PJSC a year ago

Disclosure: Results of Board Decisions by Passing

On 21/12/2023, the Board of Directors of Union Properties PJSC made several decisions. They agreed to enter into a settlement agreement with a national bank to repay the company's and its subsidiaries' debts, amounting between AED825 million and AED875 million, to be paid in four installments within nine months. The Board also approved an agreement with a major real estate developer in Dubai to increase the gross floor area and change the use of some land owned by the company and its subsidiaries in Motor City. Routine and operational matters of the company were also discussed.

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DFM News

News Update From Union Properties PJSC a year ago

Disclosure: Board Decisions by Passing

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DFM News

News Update From Union Properties PJSC a year ago

Disclosure: Detailed analysis of the accumulated losses

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DFM News

News Update From Union Properties PJSC a year ago

Disclosure: Financial statements for the 3rd QTR of 2023

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DFM News

News Update From Union Properties PJSC a year ago

Disclosure: Press release regarding financial results for the 3rd QTR of 2023

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.

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