Dubai: Union Properties, the UAE real estate developer with a 30-year track record, reported a net profit of Dh62.33 million for 2018, marking a 19 per cent increase in the company’s annual income over 2017, when the company registered a loss of Dh2.37 billion. Meanwhile, shareholder equity surged by Dh452 million compared to 2017.

The reported profit is a testament to Union Properties’ robust performance and the new management’s vision to achieve profitability within one year, the company said in a statement.