Contact Members/Sign Up Reg Form

Dubai Union Properties Records 837 Million Net Profit, Signals Comeback

Union Properties, a prominent developer in Dubai, has announced a significant turnaround, indicating signs of recovery and progress in its operations.

In a statement, the company emphasized its commitment to transparency and governance reforms, highlighting efforts to enhance corporate culture, ethics, and compliance-focused management.

Financially, Union Properties demonstrated notable improvement in its performance for the year 2023. The company reported a net profit of Dh837 million, a substantial increase from Dh29.9 million in the previous year. Operating profit also surged to Dh101 million from Dh10 million in 2022. This growth was primarily attributed to the increase in valuation of investment properties, rising from Dh25.9 million to Dh505 million, along with other income totaling Dh401 million.

Contract revenue with customers saw a rise from Dh419 million to Dh508 million, indicating improved business activity. Additionally, effective cost management led to a decrease in expenses from Dh347 million to Dh93 million.

The positive outlook and financial results have positively impacted Union Properties' stock performance. Year-to-date, the stock has increased by 23%, and over the previous 12 months, it has surged by 63%.

Looking ahead, Union Properties aims to address its legacy issues, particularly focusing on resolving its debt resettlement agreement with Emirates NBD. The company anticipates leveraging the ongoing expansion in the Dubai real estate market to support its growth plans.

As the real estate market in Dubai continues to thrive, Union Properties remains committed to strengthening its position and capitalizing on new opportunities for expansion and development.

March 14, 2024 2:16 p.m. 9126

#breakingnews #worldnews #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn #UnionProperties #DubaiRealEstate #PropertyDevelopment #FinancialTurnaround #ProfitGrowth

Debate Over Cloud Seeding Sparks Warning of 'Weather Wars' in Dubai

uae news / uae-national
April 19, 2024 6:35 p.m. 423

Disagreement Among Meteorological Experts on Cloud Seeding's Role in Dubai Rain Sparks Community Debate...Read More.

AI Predictive Tool Forecasts Employee Attrition, Improving Retention Strategies

global news / world news
April 19, 2024 6:01 p.m. 427

Japanese Researchers Develop AI Tool to Aid Managers in Providing Targeted Support to Prevent Employee Attrition...Read More.

Debate Over Cloud Seeding Sparks Warning of 'Weather Wars' in Dubai

Disagreement Among Meteorological Experts on Cloud Seeding's Role in Dubai Rain Sparks Community Debate

AI Predictive Tool Forecasts Employee Attrition, Improving Retention Strategies

Japanese Researchers Develop AI Tool to Aid Managers in Providing Targeted Support to Prevent Employee Attrition

Kriti Sanon & Shanaya Kapoor: Summer Chilling in Breezy Co-ords

Kriti Sanon and Shanaya Kapoor showcase breezy co-ord outfits, epitomizing summer's chill vibe. Dive into their stylish ensembles to get inspired for the season

G7 Condemns Chinese Firms' Military Aid to Russia

G7: Concern Over Chinese Firms Aiding Russian Military

Mount Ruang volcano erupts five times in a row, triggers Indonesia tsunami alert

Indonesian authorities responded to multiple eruptions of Mount Ruang with a tsunami alert issued on Wednesday.

Understanding UAE Property: Rera Rent Index for Furnished Apartments

Many tenants in Dubai's new furnished apartments are facing a 10% to 15% rent hike as their initial annual contracts near completion.

Delta Airlines Boeing 757 declares 'flap disagree' emergency landing

A Delta spokesperson assured that although rare, the incident is managed safely due to thorough flight crew training.

UAE Flight Disruptions: Essential Updates on Delays, Cancellations

Flight operations from DXB remain disrupted, causing ongoing inconvenience to travelers.

NSE Today: Stocks Plummet to 52-Week Lows in Current Trade

NEW DELHI: Sumeet Industries, Indiabulls Housing Finance (Perpetual Pref), MEP Infrastructure Developers, Future Supply Chain Solutions

KL Rahul Reveals Virat Kohli's Firm Approach to RCB Contract

KL Rahul began his IPL journey with RCB and hoped to conclude his career with the same team.

Malaika Arora's Stunning ₹6k White Bodycon Gown Goes Viral

Malaika Arora dazzles in chic white cut-out bodycon gown for latest photoshoot.

Nestle's Controversies: Baby Food Sugar, Child Labor Claims

From the well-known Maggi noodle ban to child labor accusations, Nestle has encountered significant scrutiny.

Paris 2024 Olympics: Super Rich's Luxe Experience Revealed

This summer, Paris anticipates a surge of spectators for the Olympic Games.

Nigeria Reaffirms Pledge: Affordable Housing for Civil Servants

HoSF Dr. Folasade Yemi Esan inspects 116-unit housing construction.

Israel Attack on Iran Forces Airlines to Alter Routes Urgently

Iran shuts Tehran, Shiraz, and Isfahan airports post-attack; briefly clears western airspace.

Indian Embassy Urges Rescheduling Non-Essential Travel to Dubai; Emirates Halts Transit Check-In Today

Emirates halts Dubai check-in for weather; Indian embassy aids. Confirm flights; rain disrupts transfers. Emirates vital for Indians.

Axis Bank: Implementing Bear Put Spread Option Strategy

Axis Bank's MACD momentum indicator shifts bearish, signaling short-term downtrend ahead.

Rohit Sharma-Hardik Pandya Celebrate Win, Boost Mumbai Indians

Mumbai Indians' captaincy debate stirs fanbase as Hardik Pandya replaces Rohit Sharma.

Sonam Kapoor Channels Bridgerton with Elegant White Shirt, Blue Skirt

Sonam Kapoor Ahuja mesmerizes in a chic shirt and skirt ensemble, exuding summer elegance and sass.

Amsterdam Halts New Hotel Builds, Reduces River Cruise Stays

To alleviate overcrowding, Amsterdam implements a ban on new hotel constructions.

Get In Touch

3001E, 30 Floor, Aspin Commercial Tower, Sheikh Zayed Road, Dubai, UAE

+971 56 450 3476

info@dxbnewsnetwork.com

LAUNCH OF DNN
Follow Us

© DNN. All Rights Reserved.