UAE: Union Properties sees growth in operating profit; new projects unveiled
Dubai: Union Properties witnessed lower net profits at AED 275.63 million in 2024, compared to AED 837.61 million in 2023, according to the financial statements.
Basic and diluted earnings per share (EPS) dropped to AED 0.06 last year from AED 0.19 in 2023, while the revenues increased to AED 528.75 million from AED 508 million.
Operating profit jumped by 59% year-on-year (YoY) to AED161.80 million as of 31 December 2024.
Union Properties achieved AED 1.30 billion in land sales, while its current assets now exceed its current liabilities by AED 566 million for the first time in many years.
This performance highlights the company's remarkable achievements in debt restructuring, with total repayments amounting to AED 723 million completed in 2024.
The group reduced its finance cost to AED 31.70 million in 2024 from AED 114 million in 2023, further enhancing its financial position.
In the fourth quarter (Q4) of 2024, the DFM-listed firm incurred accumulated losses valued at AED 1.86 billion, accounting for 43.60% of the capital.
Amer Khansaheb, CEO of Union Properties, said: 'Key achievements such as significant improvement in liquidity, growth in operating profit, the success of our subsidiaries, and the launch of exciting new projects demonstrate our commitment to delivering value to stakeholders.'
'Looking ahead to 2025, we will focus on community growth and the sustainable development of Dubai's Real Estate sector. Additionally, we are set to launch two new projects soon, worth AED 4 billion, supporting our expansion goals,' Khansaheb added.
As part of its AED 6 billion development strategy, Union Properties plans to launch two new projects soon, contributing to the UAE Real Estate market's increasing value, which is poised to expand at an annual growth rate of 2.25% between 2024 and 2029. The market's valuation is expected to hit $759 billion by the end of the forecast period.
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