Union Properties, a developer in Dubai, reported a noteworthy net profit of Dh37.4 million for the third quarter of 2023. This represents a significant improvement over the net loss of Dh11.4 million for the same period the previous year.
This was caused by revenue that increased by 19% year over year in Q3 2023, from Dh306 million to Dh365 million. Furthermore, in Q3 2023, the gross profit increased significantly YoY by 55%, from Dh50 million to Dh77 million.
The group’s subsidiaries performed admirably in the third quarter of this year as well, helping to increase revenue from customer contracts to Dh124 million from Dh101 million in Q3 2022. When compared to the same period the previous year, when the gross profit was Dh14.7 million, it increased by 113% to Dh31 million.
“We are proud of the remarkable performance showcased by Union Properties and its subsidiaries in Q3 2023,” said Engineer Amer Khansaheb, Board Member and Managing Director of Union Properties. “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.”
“This achievement underscores the effectiveness of our strategic approaches, fortifying our confidence in future prospects,” he added.
“We are poised to leverage our capacity for crafting dynamic business strategies and effectively meeting the evolving demands of our customers.”– Engineer Amer Khansaheb, Board Member and Managing Director of Union Properties
One notable feature of Union Properties’ 2023 performance is the profitable and successful operation of every one of its managed subsidiaries.
These outstanding quarterly results highlight the robust demand for real estate, and Union Properties successfully took advantage of market openings by exhibiting resilience and adaptability to produce favorable results.
This accomplishment is consistent with the multi-phase strategic five-year plan that the company launched in 2022 with the goals of improving operational performance, increasing profit growth through organic business expansion, and optimizing spending efficiency.