Dubai: The Dubai developer Union Properties continues to haul itself back to a position of relative financial strength, reporting a Dh17.7 million net profit for H1-2023 against a loss of Dh12.2 million last year.
Just as vital was the contribution from the UP subsidiaries, which the developer is counting on to play bigger roles in the turnaround narrative.
Revenues from contracts with customers came to Dh241 million, while the gross profit increased 30 per cent from Dh35 million in 2022 to Dh46 million.
“The achieved net profit highlights our strategy efficiency and instils confidence in prospects,” said Amer Khansaheb, Board Member and Managing Director.
“With strategic positioning, we capitalise on Dubai's thriving real estate market momentum. Our team's dedicated members through their extensive experience, continue to deliver exceptional value for stakeholders and solidify our position as an industry leader.
Settling the past
The developer also settled matters with the previous management, while exploring possibilities to leverage its existing assets to generate new funds. On the DFM, shareholders seem to have seen enough in the turnaround so far, with the UP stock enjoying quite a bit of bounce in recent weeks.
More to follow...