Dubai – Mubasher: Union Properties turned to net losses worth AED 11.37 million in the first nine months (9M) of 2022, against net profits of AED 1.36 million in the year-ago period.
Revenues from contracts with customers jumped to AED 305.69 million in the January-September 2022 period, versus AED 296.01 million in 9M-21, according to the income statements.
The basic and diluted loss per share stood at AED 0.0027 in 9M-22, compared to earnings per share (EPS) of AED 0.0003 during the same period a year earlier.
Union Properties reported accumulated losses worth AED 2.93 billion as of 30 September 2022, accounting for 68.52% of its capital.
In the third quarter (Q3) of 2022, the DFM-listed firm turned to net profits worth AED 825,000, compared to net losses of AED 31.01 million in Q3-21.
Furthermore, the revenues from contracts with customers amounted to AED 101.23 million in Q3-22, up 3% year-on-year (YoY) from AED 98.57 million.
Meanwhile, the basic and diluted EPS settled at AED 0.0002 in the July-September 2022 period, against a loss per share of AED 0.0072 in Q3-21.
Amer Khansaheb, Board Member and Managing Director of Union Properties, said: “We have maintained our strong growth trajectory in Q3 building on the positive momentum in the 6M-22. We are continuing to see the positive benefits of our business turnaround strategy and remain confident that we will see further progress in the months ahead.”
Khansaheb added: “We remain focused on driving growth and delivering cost efficiencies, particularly at a subsidiary level. Looking ahead, we are cautiously optimistic as we explore several development options that we expect to generate long-term value for our investors.”
In the first half (H1) of 2022, the company shifted to net losses worth AED 12.19 million, versus net profits of AED 32.38 million in H1-21.
