• About us
  • Community
  • Terms
  • Privacy
  • Contact Us
Thursday, June 8, 2023
  • Login
Dubai News TV - Dubai News
  • Home
  • UAE
    • Dubai
    • Sharjah
    • Abu Dhabi
    • Ajman
    • Ras Al Khaimah
    • Fujairah
    • Umm Al Quwain
  • REGION
    • Asia
    • South Asia
      • Pakistan
      • India
      • Bangladesh
      • Afghanistan
    • Middle East
    • GCC
    • MENA
    • Europe
    • Africa
  • Business
    • Global Business
    • Local Business
    • Markets
  • REAL ESTATE
  • Expo 2020
  • Meet The CEO
  • Horoscope
  • PR
  • more
    • Opinion
    • EDITOR’S CHOICE
    • The Big Read
    • Viewpoint
No Result
View All Result
  • Home
  • UAE
    • Dubai
    • Sharjah
    • Abu Dhabi
    • Ajman
    • Ras Al Khaimah
    • Fujairah
    • Umm Al Quwain
  • REGION
    • Asia
    • South Asia
      • Pakistan
      • India
      • Bangladesh
      • Afghanistan
    • Middle East
    • GCC
    • MENA
    • Europe
    • Africa
  • Business
    • Global Business
    • Local Business
    • Markets
  • REAL ESTATE
  • Expo 2020
  • Meet The CEO
  • Horoscope
  • PR
  • more
    • Opinion
    • EDITOR’S CHOICE
    • The Big Read
    • Viewpoint
No Result
View All Result
Dubai News
  • Top News
  • UAE
  • REGION
  • Business
  • World
  • REAL ESTATE
  • Entertainment
  • ENVIRONMENT
  • Expo 2020
  • FEATURED
  • Horoscope
  • Meet The CEO
  • Road To Financial Freedom
  • Opinion
  • PR
  • Sports
  • Tech
  • Video Posts
Home Business

Dubai developer Union Properties swings to $3.3m Q1 profit on turnaround success

by Web Desk
May 12, 2023
in Business, NEWS, REAL ESTATE
207 9
Dubai developer Union Properties swings to $3.3m Q1 profit on turnaround success
3.1k
VIEWS
Share on FacebookShare on Twitter

Revenue jumped 16% annually in the three-month period, driven by strong subsidiary performance

Dubai developer Union Properties swung to a profit in the first quarter as it continued to successfully put in place its turnaround strategy amid a strong rebound in the emirate’s property market.

The company’s net profit for the three month-period ending March reached Dh12.3 million ($3.3 million), from a loss of Dh12.5 million in the same period last year, Union Properties said in a filing on Wednesday to the Dubai Financial Market, where its shares are traded.

Revenue from contracts with customers in the January to March period rose by about 16 per cent annually to Dh122.1 million, as the group’s subsidiaries continued to perform strongly, the company said.

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

“Looking ahead, we will continue to focus on driving efficiency across the group to support sustainable profitability improvements and cash flow generation.”

Union Properties launched a revised turnaround strategy in the first quarter of 2022 to cut costs, boost profitability and restore shareholder value, and said it was in negotiations with two of its major creditor banks to restructure loan facilities.

In December, the company unveiled a Dh1.6 billion development in Motor City, as part of its turnaround strategy.

The development, called Takaya, features 788 units across three towers, including 39 townhouses, five villas, 744 apartments and 55,000 square feet of retail space.

Chinese investors, pictured inspecting models of properties in Dubai during a 2018 trip, look set to return in large numbers this year. Photo: Driven Properties

Chinese investors, pictured inspecting models of properties in Dubai during a 2018 trip, look set to return in large numbers this year. Photo: Driven Properties

The developer also reached an agreement with its creditors in October to restructure Dh595 million of debt that it said would help it recover and grow amid the UAE property market’s strong rebound.

The UAE property market has continued to recover from coronavirus-induced slowdown thanks to government initiatives, higher oil prices and other measures to support the economy.

Dubai’s total transactions value rose 80 per cent annually to Dh157 billion in the first quarter, according to official data.

Meanwhile, Abu Dhabi recorded real estate transactions worth Dh27.9 billion during the three-month period, the latest data from the Department of Municipalities and Transport showed.

Union Properties said it delivered significant efficiency improvements during the first quarter as part of its strategy to enhance profitability through fiscal prudence.

“We are now in a strong position to deliver long-term value creation for our shareholders by leveraging our deep expertise, reputation and highly sought-after land bank locations to drive growth and capitalise on the UAE’s thriving real estate market,” said Mr Khansaheb.

Share12Tweet8Share2Send
">
ADVERTISEMENT

Related Posts

Russian missiles and drones had a 90% failure rate in May and that cost the Kremlin $1.7 billion, Ukraine says
Military & Defense

Russian missiles and drones had a 90% failure rate in May and that cost the Kremlin $1.7 billion, Ukraine says

June 1, 2023
2.2k
Joe Manchin is set to get a big win out of the debt ceiling deal on a gas pipeline that Virginia Democrats and environmentalists hate
NEWS

Joe Manchin is set to get a big win out of the debt ceiling deal on a gas pipeline that Virginia Democrats and environmentalists hate

May 31, 2023
2.2k
Jeffrey Epstein was invited to editorial meetings with Scientific American's top editor, email records show
NEWS

Jeffrey Epstein was invited to editorial meetings with Scientific American’s top editor, email records show

May 31, 2023
2.2k
Wall Street's succession summer
NEWS

Wall Street’s succession summer

May 30, 2023
2.2k
The harness-wearing beluga whale believed to be a Russian spy has popped up in Sweden, puzzling scientists who noted he's traveling 'very quickly away from his natural environment'
Military & Defense

The harness-wearing beluga whale believed to be a Russian spy has popped up in Sweden, puzzling scientists who noted he’s traveling ‘very quickly away from his natural environment’

May 30, 2023
2.2k
UK experts are teaching Ukrainians to make can-sized bombs that can bring down buildings, report says
Military & Defense

UK experts are teaching Ukrainians to make can-sized bombs that can bring down buildings, report says

May 29, 2023
2.3k

Popular News

  • Dubai property market,zoom property

    Dubai property market continues its upward trajectory in H1 2022

    25 shares
    Share 284 Tweet 177
  • UAE remains top choice of investors as FDI inflows to hit $22 billion this year

    29 shares
    Share 426 Tweet 267
  • ‘Start-up guide for Funding’ to resolve financial woes of founders and entrepreneurs

    24 shares
    Share 402 Tweet 251
  • Investors to repose trust on UAE real estate market with more investments

    27 shares
    Share 246 Tweet 154
  • Pakistan: Finance Minister Ishaq Dar, UAE Ambassador discuss bilateral economic ties

    26 shares
    Share 10 Tweet 7
  • Pakistan: Balochistan govt declares Gwadar as tax-free zone

    26 shares
    Share 10 Tweet 7
  • Abu Dhabi: Q Holding, Trojan General Contracting join forces to build 1742 villas

    25 shares
    Share 10 Tweet 6
  • Shurooq announces ‘Ajwan’ residential project on Khorfakkan’s eastern coast

    29 shares
    Share 12 Tweet 7
  • Pakistan Association Dubai plans new initiatives for the community

    25 shares
    Share 10 Tweet 6
  • Sheikh Mohammed offers condolences to Indians after Odisha train crash

    25 shares
    Share 10 Tweet 6
Currently Playing

Zoom Property Insights - How Expo 2020 is Shaping up the Dubai Property Market | Dubai News TV

Zoom Property Insights - How Expo 2020 is Shaping up the Dubai Property Market | Dubai News TV

00:03:34

Learn When is Best Time to invest in Real Estate Market

00:08:02

Managing Personal Liquidity in 7 Steps | Shailesh Dash | Dubai News TV

00:11:27

The World Plays The UAE National Anthem

00:02:13

Meet the CEO : BANKING ON RAJEEV KAKAR

00:25:20
United Arab Emirates Dirham Exchange Rate

About US

DubaiNews.Tv is a fast-growing Dubai-based digital platform that covers news, happenings and current affairs with a central focus on Dubai, UAE, Gulf, Middle East. It also features regional and international news activities in addition to exclusive reports, interviews and special videos.

[email protected]

[email protected]

Follow Us

Browse by Category

  • Abu Dhabi
  • Afghanistan
  • Africa
  • Ajman
  • Asia
  • Bangladesh
  • Business
  • CPEC
  • Dubai
  • EDITOR'S CHOICE
  • Education
  • Entertainment
  • ENVIRONMENT
  • Europe
  • EXCLUSIVE
  • Expo 2020
  • FEATURED
  • Featured Stories
  • Forex
  • Fujairah
  • GCC
  • Global Business
  • Health
  • heath
  • Horoscope
  • India
  • International
  • Iran
  • Israel
  • Lifestyle
  • Local Business
  • Markets
  • Meet The CEO
  • Meet The Leader
  • MENA
  • Middle East
  • Military & Defense
  • MORE
  • NEWS
  • Opinion
  • Pakistan
  • Personal Finance
  • Philippine
  • Philippines
  • Politics
  • PR
  • Ras Al Khaimah
  • REAL ESTATE
  • REGION
  • Road To Financial Freedom
  • Russia
  • Saudi Arabia
  • Science
  • Sharjah
  • South Asia
  • Sports
  • Spotlight
  • Sri Lanka
  • Startup
  • STOCKS
  • Syria
  • Tech
  • The Big Read
  • Top News
  • Tourism
  • Travel
  • turkey
  • UAE
  • UK
  • Umm Al Quwain
  • Uncategorized
  • Video Posts
  • Viewpoint
  • Weather
  • World

Recent News

The Oval: Head-Smith pile on runs as Australia dominate India in WTC Final’s first day

The Oval: Head-Smith pile on runs as Australia dominate India in WTC Final’s first day

June 7, 2023
Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has attended a bilateral meeting with Pham Minh Chin, Prime Minister of Vietnam, during a high-level visit to Hanoi.

UAE-Vietnam seek stronger trade & investment ties

June 7, 2023
Dubai's Al Maktoum Airport

UAE: Dubai’s Al Maktoum Airport to be ‘world’s largest’ after completion

June 7, 2023
Philippines: Canada grants visa-free entry to eligible Filipinos

Philippines: Canada grants visa-free entry to eligible Filipinos

June 7, 2023
plastic bags

Abu Dhabi announces 95% drop in use of single-use plastic bags after ban

June 6, 2023
  • About us
  • Community
  • Terms
  • Privacy
  • Contact Us

© 2022 DNTV - Powered By Dubai News TV.

No Result
View All Result
  • Top News
  • UAE
    • Dubai
    • Abu Dhabi
    • Ajman
    • Fujairah
    • Ras Al Khaimah
    • Umm Al Quwain
  • REGION
    • Middle East
    • GCC
    • MENA
    • South Asia
      • Afghanistan
      • Bangladesh
      • India
      • Pakistan
    • Asia
    • Africa
    • Europe
  • Business
    • Global Business
    • Local Business
    • Markets
  • World
  • REAL ESTATE
  • Entertainment
  • ENVIRONMENT
  • Expo 2020
  • FEATURED
    • Featured Stories
  • Horoscope
  • Meet The CEO
  • Road To Financial Freedom
  • Opinion
    • EDITOR’S CHOICE
    • The Big Read
    • Viewpoint
  • PR
  • Sports
  • Tech
  • Video Posts

© 2022 DNTV - Powered By Dubai News TV.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.