Dubai: Real estate developer Union Properties reported Dh32.4 million profit for the first half of 2021 compared to Dh160.4 million loss for the same period in 2020.
The company’s profits increased by 483 per cent in the second quarter of 2021 with profits reaching Dh26.83 million compared to the first quarter of the year.
Revenues from customer contracts increased to approximately Dh197.5 million while the company’s assets increased to Dh6 billion, and in terms of financing costs, it witnessed a significant decrease of 32 per cent compared to the same period last year 2020.
“The positive performance of Union Properties and its subsidiaries for the second consecutive quarter is noteworthy and reaffirms the Management’s endeavors and implementation of its strategy and vision to preserve shareholders’ rights and achieve the best results,” said Khalifa Hassan Al Hammadi, Chairman of the Board of Directors.
“During the 2nd Quarter of this year, we witnessed a significant positive shift in many business activities, genuine estate in the UAE in general and in Dubai in particular, which confirms that we are on track to overcome the adverse effects of the pandemic and are now looking forward to the most significant event in the region, Expo 2020, which launches in less than fifty days.”