Dubai: The Dubai developer Union Properties has announced a notable net profit of Dh37.4 million in the third quarter of 2023, marking a significant turnaround from the net loss of Dh11.4 million during the same period in the previous year.
This was driven by a 19 per cent year-over-year increase in revenue, rising from Dh306 million to Dh365 million in Q3 2023. Additionally, the gross profit witnessed a substantial YoY increase of 55 per cent, growing from Dh50 million to Dh77 million in Q3 2023.
In the third quarter of this year, the group's subsidiaries also displayed impressive performance, contributing to a rise in revenue from contracts with customers to Dh124 million, up from Dh101 million in Q3 2022. The gross profit for the period surged by 113 per cent to reach Dh31 million, compared to Dh14.7 million during the same period last year.
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“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.
A noteworthy aspect of Union Properties' 2023 performance is the successful and profitable performance of all its subsidiaries under management.
These remarkable quarterly results underscore the strong demand for properties, with Union Properties effectively capitalizing on market opportunities, demonstrating resilience and adaptability to achieve positive outcomes.
This success aligns with the company's multi-phase strategic five-year plan initiated in 2022, aiming to enhance operational performance, optimize spending efficiency, and drive profit growth through organic business expansion.