Latest news with #UnionPropertiesPJSC
Web Release
3 days ago
- Business
- Web Release
ServeU, a subsidiary of Union Properties, acquires House Keeping (LLC) at AED 100 million deal to expand market reach
Union Properties PJSC ('Union Properties' or 'the Company') (DFM: UPP), through its subsidiary ServeU, a leading facilities management (FM) solutions provider in the UAE, has announced the strategic acquisition of House Keeping (LLC) and House Keeping Domestic Workers (LLC), including their subsidiary, in a deal valued at AED 100 million. This move reinforces ServeU's robust market position as one of the UAE's most trusted FM service providers in the country. With a workforce of more than 8900 employees, the company manages a broad portfolio spanning residential communities, commercial complexes, government entities and hospitality facilities. The Company remains committed to advancing operational capabilities, with continued investments in innovation, sustainability, and service excellence to address the dynamic needs of the market. Eng. Amer Khansaheb, Chief Executive Officer and Board Member of Union Properties PJSC, said: 'This acquisition represents a pivotal step in advancing our long-term growth agenda. Integrating a leading manpower and domestic workforce provider into our portfolio not only strengthens ServeU's operational breadth, but also reinforces our commitment to delivering integrated, people-centric solutions that meet the evolving demands of our clients across sectors.' House Keeping (LLC), the UAE's second-largest provider in its segment, brings a strong portfolio, deep domain expertise, and an extensive client network. With a specialized workforce of 136 active members in housekeeping operations and nearly 8,700 domestic workers, House Keeping (LLC) has consistently delivered strong performance, recording revenues of AED 221.1 million and an EBITDA of AED 21.4 million for the fiscal year 2024. These financial results align closely with ServeU's strategic priorities of delivering value, enhancing service quality, improving operational efficiency, and advancing workforce capabilities. Under the terms of the acquisition, House Keeping (LLC) and its affiliated entities will retain their brand identities while operating under the full ownership and strategic oversight of ServeU. The alliance is projected to have a positive impact on ServeU's financial results effective from August 2025, contributing around 23% to revenue and boosting EBITDA by 33% of ServeU. This model will further ensure seamless operational continuity while unlocking synergies through ServeU's established infrastructure, experienced leadership, and industry partnerships. –
Mid East Info
3 days ago
- Business
- Mid East Info
ServeU, a subsidiary of Union Properties, acquires House Keeping (LLC) at AED 100 million deal to expand market reach
Union Properties PJSC 'Union Properties' or 'the Company' DFM: UPP, through its subsidiary ServeU, a leading facilities management FM solutions provider in the UAE, has announced the strategic acquisition of House Keeping LLC and House Keeping Domestic Workers LLC, including their subsidiary, in a deal valued at AED 100 million. This move reinforces ServeU's robust market position as one of the UAE's most trusted FM service providers in the country. With a workforce of more than 8900 employees, the company manages a broad portfolio spanning residential communities, commercial complexes, government entities and hospitality facilities. The Company remains committed to advancing operational capabilities, with continued investments in innovation, sustainability, and service excellence to address the dynamic needs of the market. Eng. Amer Khansaheb, Chief Executive Officer and Board Member of Union Properties PJSC, said: 'This acquisition represents a pivotal step in advancing our long-term growth agenda. Integrating a leading manpower and domestic workforce provider into our portfolio not only strengthens ServeU's operational breadth, but also reinforces our commitment to delivering integrated, people-centric solutions that meet the evolving demands of our clients across sectors.' House Keeping (LLC), the UAE's second-largest provider in its segment, brings a strong portfolio, deep domain expertise, and an extensive client network. With a specialized workforce of 136 active members in housekeeping operations and nearly 8,700 domestic workers, House Keeping (LLC) has consistently delivered strong performance, recording revenues of AED 221.1 million and an EBITDA of AED 21.4 million for the fiscal year 2024. These financial results align closely with ServeU's strategic priorities of delivering value, enhancing service quality, improving operational efficiency, and advancing workforce capabilities. Under the terms of the acquisition, House Keeping (LLC) and its affiliated entities will retain their brand identities while operating under the full ownership and strategic oversight of ServeU. The alliance is projected to have a positive impact on ServeU's financial results effective from August 2025, contributing around 23% to revenue and boosting EBITDA by 33% of ServeU. This model will further ensure seamless operational continuity while unlocking synergies through ServeU's established infrastructure, experienced leadership, and industry partnerships.
Mid East Info
31-07-2025
- Business
- Mid East Info
Union Properties Reports 44% Gross Profit Growth in H1 2025, Signs AED 700 Million Sale Agreement - Middle East Business News and Information
Union Properties PJSC 'Union Properties' or 'the Company' DFM: UPP today announced its financial results for the second quarter of 2025, showcasing continued momentum in its transformation journey and solid progress across key operational and financial indicators. The Company reported AED 152.4 million in gross revenue for Q2 2025, representing a 19% year-on-year increase from AED 128 million in Q2 2024. Gross profit surged to AED 32.9 million, up 77.84% compared to the same period last year, reflecting improved operational efficiency and margin recovery. For the first half of 2025, Union Properties recorded AED 316 million in total revenue, up from AED 266 million in H1 2024, and AED 75.6 million in gross profit – representing a 44% increase over the AED 52.6 million reported in the same period last year. Eng. Amer Khansaheb, Chief Executive Officer and Board Member of Union Properties PJSC, commented: 'We are pleased to report another quarter of meaningful progress in our transformation. The first-half results reflect the strength of our operating fundamentals and our ongoing commitment to long-term value creation. While we continue to invest in scaling up our development business and digitizing our operations, the financial impact of these strategic steps will unfold over the coming quarters.' The Company noted that its overhead expenses increased in H1 2025, primarily due to two factors: The early-stage nature of the real estate development cycle, where costs are incurred upfront while project revenues are expected to materialize progressively over the next three years. A significant investment in digital transformation, addressing legacy technology gaps and modernizing systems across the Group to support future growth. As part of its ongoing debt management plan, Union Properties announced in Q2 its intention to repay AED 150 million in bank debt. However, only AED 20 million was repaid prior to quarter-end, with the remaining AED 130 million scheduled for repayment in Q3 2025 due to the timing of cash receipts after the quarter's close. A key strategic highlight of Q2 was the signing of a conditional sale agreement worth AED 700 million for a major real estate asset in Motor City. This landmark transaction is expected to be financially recognized in Q4 2025 and forms a cornerstone of the Company's strategy to unlock value from its land bank and strengthen its balance sheet. While net profit for Q2 2025 stood at AED 8.74 million, lower than the same period last year, the decline is attributed to front-loaded investments in development activities and infrastructure upgrades. Notably, financial costs decreased to AED 14.28 million in the first half of 2025 from AED 15 million in H1 2024. Union Properties remains focused on executing its AED 5 billion+ development pipeline and delivering sustained value to shareholders through prudent capital allocation, revenue diversification, and operational transformation.
Web Release
09-05-2025
- Business
- Web Release
Union Properties Delivers Strong Q1 2025 Results, Revenue Grows 18.2% and Pays Down AED179 million of Legacy Debt
Union Properties PJSC ('Union Properties' or 'the Company') (DFM symbol: UPP) announced its financial results for the first quarter of 2025, reporting a strong start to the year with 18.2% increase in revenue, reaching AED163 million compared with AED138 million in Q1 2024. This revenue growth is expected to continue, supported by strategic initiatives and project launches, with significant increases anticipated each quarter. This solid performance underscores the Company's continued focus on its core operations and the positive contributions of its high-performing subsidiaries across the UAE's Real Estate sector. Gross profit increased to AED42.8 million, representing a 25.3% increase compared to AED34million in Q1 2024, reflecting a strong gross profit growth fuelled by enhanced operational efficiency and sustained demand. Furthermore, Union Properties continues to advance its financial restructuring strategy, targeting enhanced flexibility and long-term sustainability. In Q1 2025, the Company reduced its bank debt by AED179 million and plans to pay an additional AED159 million in Q2 2025. These repayments build on the AED723 million successfully settled in 2024, reinforcing the Company's unwavering commitment to prudent and disciplined financial management and long-term sustainability. Eng. Amer Khansaheb, Chief Executive Officer and Board Member at Union Properties PJSC, said: 'Union Properties has entered 2025 with strong momentum, underpinned by a robust first quarter that reinforces the strength of our business model and the trust of our stakeholders. Our solid growth in revenue and profitability—alongside strategic debt management—highlights the effectiveness of our long-term strategic roadmap. By actively advancing new project launches and realising value through strategic asset optimisation, we are creating a dynamic platform for sustainable growth. As we look ahead, Union Properties is exceptionally well-positioned to seize emerging opportunities in the UAE's thriving Real Estate sector and play a key role in supporting Dubai's ambition to become a premier global investment destination.' Union Properties is strategically focused on strengthening its financial position. The Company continues to demonstrate significant progress by actively deleveraging its legacy debt, launching new development projects, and achieving consistent revenue growth, reflecting a balanced and forward-looking strategy. The increase in the admin expenses is reflected in the marketing and sales activation for new developments, accelerating growth and enhancing visibility for upcoming projects. As part of this approach, the Company is actively exploring opportunities to increase liquidity and maximise asset utilisation, reinforcing its ability to stay financially agile and resilient in a competitive market.
Mid East Info
08-05-2025
- Business
- Mid East Info
Union Properties Delivers Strong Q1 2025 Results, Revenue Grows 18.2% and Pays Down AED179 million of Legacy Debt
Union Properties PJSC ('Union Properties' or 'the Company') (DFM symbol: UPP) announced its financial results for the first quarter of 2025, reporting a strong start to the year with 18.2% increase in revenue, reaching AED163 million compared with AED138 million in Q1 2024. This revenue growth is expected to continue, supported by strategic initiatives and project launches, with significant increases anticipated each quarter. This solid performance underscores the Company's continued focus on its core operations and the positive contributions of its high-performing subsidiaries across the UAE's Real Estate sector. Gross profit increased to AED42.8 million, representing a 25.3% increase compared to AED34million in Q1 2024, reflecting a strong gross profit growth fuelled by enhanced operational efficiency and sustained demand. Furthermore, Union Properties continues to advance its financial restructuring strategy, targeting enhanced flexibility and long-term sustainability. In Q1 2025, the Company reduced its bank debt by AED179 million and plans to pay an additional AED159 million in Q2 2025. These repayments build on the AED723 million successfully settled in 2024, reinforcing the Company's unwavering commitment to prudent and disciplined financial management and long-term sustainability. Eng. Amer Khansaheb, Chief Executive Officer and Board Member at Union Properties PJSC, said: 'Union Properties has entered 2025 with strong momentum, underpinned by a robust first quarter that reinforces the strength of our business model and the trust of our stakeholders. Our solid growth in revenue and profitability—alongside strategic debt management—highlights the effectiveness of our long-term strategic roadmap. By actively advancing new project launches and realising value through strategic asset optimisation, we are creating a dynamic platform for sustainable growth. As we look ahead, Union Properties is exceptionally well-positioned to seize emerging opportunities in the UAE's thriving Real Estate sector and play a key role in supporting Dubai's ambition to become a premier global investment destination.' Union Properties is strategically focused on strengthening its financial position. The Company continues to demonstrate significant progress by actively deleveraging its legacy debt, launching new development projects, and achieving consistent revenue growth, reflecting a balanced and forward-looking strategy. The increase in the admin expenses is reflected in the marketing and sales activation for new developments, accelerating growth and enhancing visibility for upcoming projects. As part of this approach, the Company is actively exploring opportunities to increase liquidity and maximise asset utilisation, reinforcing its ability to stay financially agile and resilient in a competitive market.
