The company recorded a net profit of 12.3 million dirhams in the first quarter of 2023, compared to a net loss of 12.5 million dirhams in the first quarter of 2022.
Revenue growth in the first quarter of this year by 16% driven by the strong improvement in the performance of the subsidiaries of the group and the continued growth of the real estate sector in the UAE
Significant improvement in efficiency, with huge operating profit growth of 335%
Dubai United Arab Emirates: Union Properties PJSC (“Union Properties” or the “Company”) (DFM: UPP) announced its consolidated financial results for the first quarter period ending 31 March 2023.
Union Properties maintained its strong positive performance during the first quarter of 2023 as it continued to successfully implement its strategic recovery plan. The company recorded a net profit of 12.3 million dirhams in the first quarter of 2023, compared to a net loss of 12.5 million dirhams during the same period last year. Revenue from customer contracts rose to AED 122.1 million during the period, an increase of 16% compared to the same period last year, thanks to the significant improvement in the performance of the group’s subsidiaries and the strong positive momentum in the UAE real estate market.
Union Properties achieved a significant improvement in efficiency during the quarter, thanks to the implementation of the strategy of enhancing profitability through financial discipline. This contributed to reducing administrative and general expenses by 21% on an annual basis, to reach 16.6 million dirhams in the first quarter of 2023. The operating profit of the group increased by 335%, to 19.8 million dirhams in the first quarter of the year, compared to the same period last year.
Mr. Aamir Khansaheb, Member of the Board of Directors and Managing Director of Union Properties, said: “The group continues to make strong progress in implementing the strategic recovery plan, completing the successes that began last year. The successful implementation of the recovery plan is reflected in the company achieving profits and increasing its operating profits by 335% during This quarter.”
He added: “We will strive with all force to continue focusing on enhancing efficiency and improving profitability and cash flows. The company enjoys a strong position that enables it to provide sustainable value to our shareholders by relying on our extensive experience, reputation and distinguished land portfolio owned by the group in driving growth and taking advantage of the opportunities of the booming real estate market in the UAE.” “.
Union Real Estate management is committed to creating value for its shareholders by enhancing efficiency and taking advantage of growth opportunities. The company is evaluating many potential growth and development opportunities to take advantage of its portfolio of distinguished lands.
In addition, Union Properties was able to maintain its book value at AED 0.46 per share as of March 31, 2023, thanks to management’s focus on improving performance and reducing costs.
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2023-05-10 06:24:14
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