Dubai – Mubasher: Union Properties turned profitable at AED 12.29 million in the first quarter (Q1) of 2023.

The registered profits were against net losses valued at AED 12.48 million in Q1-22, according to the consolidated interim results.

Meanwhile, the revenues from contracts and customers jumped by 16% year-on-year (YoY) to AED 122.13 million during Q1-23 from AED 105.73 million.

Basic and diluted earnings per share (EPS) hit AED 0.0029 during January-March 2023, against a loss per share of the same value in the year-ago period.

The real estate developer reported total assets worth AED 3.96 billion in the first three months (3M) of 2023, versus AED 4.07 billion as of 31 December 2022.

Amer Khansaheb, Managing Director of Union Properties, said: “We continue to make strong progress with the implementation of our turnaround strategy, building on the significant milestones achieved in the previous year.”

“The successful execution of our strategy is evidenced by Union Properties’ return to net profitability and its impressive 335% increase in operating profit during the quarter,” Khansaheb added.

Accumulated Losses

The DFM-listed firm incurred accumulated losses amounting to AED 1.88 billion as of 31 March 2023, accounting for 67.34% of the AED 4.28 billion capital.

In 2022, Union Properties swung to net profits worth AED 29.97 million, compared to net losses worth AED 966.75 million a year earlier.