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Union Properties turns profitable in 2022 preliminary results

Union Properties turns profitable in 2022 preliminary results
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Dubai – Mubasher: Union Properties shifted to net profits worth AED 29.97 million in 2022, against net losses of AED 966.75 million in 2021.

Revenues amounted to AED 419.18 million in 2022, higher by 5.10% year-on-year (YoY) than AED 398.69 million, according to the initial financial results.

The basic and diluted earnings per share (EPS) stood at AED 0.007 last year, compared to a loss per share of AED 0.225 in 2021.

Meanwhile, the company’s total assets plummeted to AED 4.08 billion in the January-December 2022 period from AED 4.22 billion a year earlier.

In the first nine months (9M) of 2022, the DFM-listed firm swung to net losses worth AED 11.37 million, versus net profits of AED 1.36 million in 9M-21.

The revenues from contracts with customers reached AED 305.69 million in 9M-22, an annual surge from AED 296.01 million.

Additionally, the accumulated losses totalled AED 2.93 billion as of 30 September 2022, which represented 68.52% of the company’s capital.