Union Properties reports net profit for Q3 2022, following $8.44mn loss in 2021 ...United Arab Emirates

Developer Union Properties has reported a net profit of US $224,000 for the third quarter of the year, compared to a net loss of $8.44mn last year. The developer attributed the upturn in performance to its turnaround strategy, which continues to show positive results, with good progress made on cost efficiencies. In a statement, Union Properties said that its consolidated financial results for the nine months and three-month period ending 30 September 2022, saw revenue from contracts with customers increase by 3% to $27.5mn in Q3 2022. The group’s subsidiaries delivered healthy performance improvements that were supported by strong market dynamics in the UAE’s real estate sector, it added. I

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