Dubai / WAM
Union Properties announced on Tuesday its financial results for the three-month period ended on September 30, with a net profit of AED509.2 million (approximately 12 fils per share), while the profit for the nine-month period
of the current year reached to AED348.8 million (approximately 8 fils per share).
With these realised profits, the group has cleared all losses for 2019 as well as for the first and second quarter of this year, increased its assets to AED6.2 billion from AED5.9 billion, increased the Shareholders Equity to AED3 billion from AED2.7 billion, and reduced its accumulated losses below the critical threshold of 50 percent to 41.8 percent.
Khalifa Hasan Al Hammadi, Chairman of Union Properties, commented, “This is the first quarter completed under the leadership of the recently elected Board of Directors and we are proud to deliver these outstanding inaugural results. From day one our commitment has been to restore the prestige and credibility of the company. In the span of three months, we have restructured the bulk of our debt, substantially reduced our operating costs and reinstated our credit reputation.
”Our major achievement has been without a doubt the successful restructuration of our balance sheet notably by integrating an unclaimed Gross Floor Area, GFA, owned by our Group. This exercise has been realised in close cooperation and total transparency with one of the top Middle East leading real estate valuation company, our statutory auditors and the regulatory authorities.”
Al Hammadi also added, “Now that we have cleaned as well as restructured our balance sheet and transformed the company into one of the most solid and transparent companies listed on the Dubai Financial Market, all our focus will be on our operations and business development. We are dedicated to keep on with this positive momentum through transactions and projects that will add value for our shareholders.”