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Union Properties records lower profits in 9M

Union Properties records lower profits in 9M
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UPP
UPP
-1.24% 0.32 -0.00

Dubai – Mubasher: Union Properties reported a decline in net profits to AED 1.369 million during the first nine months of 2021, compared to AED 348.779 million in the year-ago period, according to the company's unaudited consolidated financials for the nine-month period ended 30 September 2021.

The company generated AED 296.018 million revenues from contracts with customers in the January-September period of 2021, up from AED 286.315 million in the same period of 2020.

The basic and diluted earnings per share (EPS) settled at AED 0.0003 in the first nine months of 2021, versus AED 0.0813 in the corresponding period of the earlier year.

During the third quarter (Q3) of 2021, the company reported net losses of AED 31.015 million, against net profits of AED 509.206 million in the corresponding period of 2020.

Meanwhile, the company has incurred accumulated losses of AED 1.959 billion as of the nine-month period ended 30 September 2021, accounting for 46.7% of the capital.

It is noteworthy to mention that during the first half (H1) of 2021, the company turned profitable, registering a net profit of AED 32.4 million, versus losses of AED 160.4 million in the same period of 2020.