Union Properties posts AED62.33 million net profit in 2018
Union Properties, the UAE real estate developer with a 30-year track record of delivering iconic residential developments, reported a net profit of AED62.33 million for 2018, marking a 19% increase in the company’s annual income over 2017, when the company registered a loss of AED2,375 million. Meanwhile, shareholder equity surged by AED452 million compared to 2017.
The reported profit is a testament to Union Properties’ robust performance and the new management’s vision to achieve profitability within one year.
Since its formation in 1987, Union Properties has firmly established itself as a leader in the UAE property development market. The publicly listed company with headquarters in Dubai currently employs over 6,000 people. Instrumental in developing some of Dubai’s most iconic projects, Union Properties has overseen the successful delivery of over 10,000 residential, commercial and retail units in the city. The company’s extensive portfolio includes UP Tower, Index Tower, Limestone House, Dubai Autodrome, Green Community and Uptown Mirdif.