Dubai – Mubasher: Union Properties (UPP) on Thursday announced that it has turned a profit for during the full-year 2018.

Net profits amounted to AED 62.3 million in 2018, against losses worth AED 2.73 billion in 2017, the real estate developer said in a statement to the Dubai Financial Market (DFM).

The positive turn in financials was attributed to the company’s performance and serves as a reflection of the new management and its vision to achieve profitability within one year.

Union Properties’ revenues jumped 19% year-on-year to AED 763 million during 2018.

By the end of Thursday’s session, UPP’s stock stood at AED 0.63.