Dubai – Mubasher: Union Properties registered accumulated losses worth AED 2.90 billion as of 31 December 2022, representing 67.63% of its capital, according to a bourse disclosure.

The real estate developer turned profitable at AED 29.97 million in 2022, compared to net losses of AED 966.75 million in 2021.

Furthermore, the revenues increased by 5.10% to AED 419.18 million last year from AED 398.69 million in the January-December 2021 period.

Amer Khansaheb, Board Member and Managing Director of Union Properties, commented: “2022 was a milestone year for Union Properties as its new management team successfully implemented their turnaround strategy and restored the company to profitability.”

Khansaheb added: “We completed our debt restructuring process and are in a strong position to leverage our deep expertise, reputation, and highly sought-after land bank locations to drive growth and capture opportunities in the UAE's flourishing real estate market.”

He noted: “Union Properties is now on a solid foundation to deliver long-term and sustainable value for its shareholders and is evaluating a number of potential development opportunities.”

Last October, the DFM-listed firm successfully concluded AED 595 million debt restructuring, which improved its profitability and boosted the cash flow generation by effectively lowering the financing costs.