Union Properties reported another round of quarterly revenue and profit gains, as well as some favorable breaks on some of the other issues that the Dubai developer had been working to resolve for some time.
Contracts with customers generated Dh138.1 million in revenue, up from Dh122.1 million last year. The profit increased to Dh16.4 million from Dh12.2 million.
Union Properties has been through a lot in recent years, and each growth score will be used to determine whether or not turnaround plans are effective. The company is working on a long-term comeback plan.
One such boost was the approval for repurposing some land forming part of its master-development, the Motor City. “After a long journey and constructive negotiations, the group announced a major step forward by achieving a settlement with the regulator,” UP said in a statement.
The developer will pay Dh400 million over three years, allowing UP to repurpose a portion of its Motor City land. This includes previously marked theme park areas.
