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Dubai-listed developer Union Properties’ net profit reached AED 8.74 million ($2.4 million) in the second quarter of the year, marking a 52% decline from AED 18.3 million a year ago.
The decline was attributed to “front-loaded investments in development activities and infrastructure upgrades”.
Profit for H1 2025 plunged to AED 14.56 million from AED 34.77 million in the prior-year period.
However, for H1 the developer made AED 316 million in total revenue, up from AED 266 million in H1 2024.
Earlier this week, the developer signed an agreement to sell a real estate project in Motor City for AED700 million to settle its legacy debts.
(Writing by Cleofe Maceda; editing by Brinda Darasha)
