Dubai – Mubasher: Union Properties has incurred net losses worth AED 12.19 million during the first half (H1) of 2022, compared to net profits of AED 32.38 million in H1-21.

The basic and diluted loss per share stood at AED 0.0028 in the first six months (6M) of 2022, against earnings per share (EPS) of AED 0.0075 in H1-21, according to the income statements.

The revenues jumped to AED 204.46 million in H1-22 from AED 197.44 million in H1-21.

During the second quarter (Q2) of 2022, the company’s net profits decreased to AED 285,000 from AED 26.83 million in the same period a year earlier.

The basic and diluted EPS plummeted to AED 0.0001 in Q2-22 from AED 0.0063 in Q2-21. Furthermore, the revenues declined to AED 98.72 million in the April-June 2022 period, compared to AED 99.18 million during the same period a year earlier.

Meanwhile, the UAE-based firm registered accumulated losses of AED 2.94 billion as of H1-22, accounting for 68.55% of its capital.

In January-March 2022, Union Properties suffered net losses worth AED 12.48 million, compared to a net profit of AED 5.55 million in Q1-21.