Dubai – Mubasher: Union Properties achieved net profits worth AED 37.40 million in the first nine months (9M) of 2023, against net losses valued at AED 11.40 million in 9M-22.
The revenues rose by 19% year-on-year (YoY) to AED 365 million as of 30 September 2023, compared to AED 306 million, according to the financial results.
Gross profit amounted to AED 77 million in 9M-23, higher by 55% YoY than AED 50 million.
In the third quarter (Q3) of 2023, the group’s subsidiaries posted revenue from contracts valued at AED 124 million, an annual surge from AED 101 million.
The gross profit hiked by 113% to AED 31 million in Q3-23 from AED 14.70 million in Q3-22.
Amer Khansaheb, Managing Director of Union Properties, said: “As Dubai’s Real Estate market continues its growth trajectory, we are reinforcing our commitment to maintaining a leading position and ensuring constant positive growth.”
“As we move forward, we aim to achieve greater results in Q4. We are poised to leverage our capacity for crafting dynamic business strategies and effectively meeting the evolving demands of our customers,” Khansaheb added.
In the first half (H1) of 2023, Union Properties turned profitable at AED 17.71 million, against net losses valued at AED 12.19 million in H1-22.
