509 million dirhams profit of «Union Properties» in the third quarter

Union Real Estate Company reported that it achieved profits of 509.2 million dirhams (approximately 12 fils per share).

The gross profit for the first nine months of this year was 348.77 million dirhams (approximately 8 fils per share), compared to a loss of 164 million dirhams.

Through these financial results, the company succeeded in extinguishing all its losses for the year 2019 as well as the first and second quarter of this year, and the company's assets increased to approximately 6.162 billion dirhams compared to 5.663 billion dirhams, and the equity of the company’s shareholders rose to 3.041 billion dirhams compared to By 2.708 billion dirhams, the accumulated losses have decreased to less than 50%.

The Chairman of the Board of Directors of the Union Real Estate Company, Khalifa Hassan Al Hammadi, said: “The elected board of directors who took over the management of the company last April set a clear vision to restore the company to the ranks of the leading companies, as we succeeded in restructuring our largest debts and restoring the company's credit reputation, and we also worked hard to restore The floor areas owned by the company and the completion of all approvals regarding them with the regulatory authorities, which reflected positively on our financial results.

Al Hammadi added: “We have many indications that promise the continuation of momentum, as we have finally obtained an offer to acquire a stake in our subsidiary (Dubai Autodrome), which will reflect positively on our future results upon completion of the deal, which we expect to take place in the fourth quarter of this year or the first quarter. From next year ».

He added: “We emphasize the promising opportunities that we will achieve for the shareholders of the company. Despite the exceptional circumstances that the world is going through in general due to the Corona pandemic, we have made profits in the third quarter that compensated for all our losses before 2017 and we return the company to profitability again and hope To continue the same approach ».

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