Achieved Comprehensive income of AED 395mln.
Union Properties Reports 59% Growth in Operating Profits, Marking a Strong Financial Year
Strategic Debt Restructuring, Subsidiary Performance, and Real Estate Demand Drive Success
Dubai, UAE: Union Properties PJSC (DFM: UPP) has announced exceptional financial results for the fiscal year 2024, showcasing a remarkable 59% growth in operating profit. The Company achieved AED 161.8 million in operating profit and AED 395 million in total comprehensive income. Revenue from customer contracts also saw an uptick, reaching AED 528.7 million, compared to AED 508 million in 2023. These results highlight the Company’s strategic growth, robust subsidiary contributions, and strong market demand for its real estate projects.
In addition to revenue growth, Union Properties successfully advanced its debt restructuring efforts, repaying a total of AED 723 million in 2024. This achievement led to a significant reduction in finance costs, dropping from AED 114 million in 2023 to AED 31.7 million in 2024. The Company has also initiated the necessary steps to eliminate accumulated losses through Capital reduction, reinforcing its commitment to long-term financial health. This strategic move is expected to enhance capital structure and enable future dividend distributions.
A key milestone in 2024 was the AED 1.3 billion generated from land sales, significantly strengthening the Company’s financial position. For the first time in years, current assets now exceed current liabilities by AED 566 million, improving liquidity and positioning the Company for future expansion. This financial stability will support the Company’s upcoming projects, aimed at delivering substantial returns on investment.
Looking ahead to 2025, Union Properties remains committed to growth and innovation under its AED 6 billion development strategy. Two new real estate projects are set to launch soon, emphasizing sustainability and cutting-edge design. These developments will cater to the rising demand for high-quality residential, commercial, and mixed-use spaces, further contributing to the UAE’s thriving real estate market. With the sector projected to grow at an annual rate of 2.25% between 2024 and 2029, reaching a valuation of USD 759 billion, Union Properties is well-positioned to capitalize on this growth.
Eng. Amer Khansaheb, CEO and Board Member of Union Properties PJSC, stated:
“Our impressive performance in 2024 reflects Dubai’s resilient real estate market and the success of our strategic initiatives. Improved liquidity, robust operating profits, and our subsidiaries’ strong contributions highlight our commitment to sustainable growth. As we enter 2025, we remain focused on community development and innovation, while preparing to launch two major projects worth AED 4 billion, reinforcing our expansion strategy.”
He further emphasized:
“Union Properties aligns with the ‘Dubai Real Estate Sector Strategy 2033’ to strengthen the sector’s economic influence and cement Dubai’s status as a global investment destination. Our focus remains on delivering high-quality developments that meet the evolving needs of investors, residents, and international buyers.”
With a focus on technological advancements and high-quality offerings, Union Properties continues to expand its portfolio while adapting to market dynamics. Leveraging Dubai’s investor-friendly policies and world-class infrastructure, the Company is set to sustain its upward momentum, driving long-term value for stakeholders.
