Union Properties generates AED 811m profits in 2023

Dubai – Mubasher: Union Properties logged net profits standing at AED 811 million in 2023, marking an annual growth of 60% in operating profits and 2,607% in net profits.

The company’s subsidiaries also witnessed solid performance, with revenues from contracts amounting to AED 508 million last year, up from AED 419 million in 2022, according to the preliminary financial results.

Amer Khansaheb, Managing Director of Union Properties, said: “Through strategic positioning, we leverage the momentum of Dubai's thriving Real Estate market.”

“Our committed team members, drawing upon their extensive experience, consistently deliver noteworthy value for stakeholders, thereby solidifying our standing as an industry leader,” Khansaheb added.

He noted: “Additionally, we are working towards a range of ambitious goals, including the launch of AED 5 billion worth of projects over the coming few years."

In the first nine months (9M)of 2023, the real estate property turned profitable at AED 37.40 million, compared to net losses valued at AED 11.40 million in 9M-22.

Mubasher Contribution Time: 15-Feb-2024 13:27 (GMT)
Mubasher Last Update Time: 26-Feb-2024 05:52 (GMT)