13 November, 2018

Dubai's Union Properties records net profit of $39.64mln for first nine months 2018

The property management and sales revenues increased by 46 percent

DUBAI, 13th November, 2018 (WAM) -- Union Properties has recorded a net profit of AED145.6 million for the first nine months of 2018, compared to a net loss of AED2.3 billion for the same period in 2017.

These profits were achieved in the first nine months of the current year as a result of the Board of Directors' strategy aiming to expand and enhance recurring revenues and profits from financial investments.

The property management and sales revenues increased by 46 percent to AED112.3 million, compared to AED76.7 million for the same period in 2017. Other operating revenue has also increased to AED277.9 million, compared to AED269.8 million for the same period in 2017.

Meanwhile, gain on financial instruments increased by 375 percent to AED5.7 million in this year, compared to AED1.2 million for the same period of 2017.

The results of Union Properties showed an increase in total income of 18 percent to AED617 million in 2018, compared to AED524 million for the corresponding period last year. This income does not include gains or losses on revaluation of Investment Properties.

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