Union Properties report Dh5.6 million Q1 net profit

Stock Union Properties Dubai
Union Properties reported Dh5.6 million net profit for the first quarter of 2021 compared to a net loss of Dh121.9 million for the same period in 2020. Image Credit: Ahmed Ramzan/ Gulf News

Dubai: Union Properties reported Dh5.6 million net profit for the first quarter of 2021 compared to a net loss of Dh121.9 million for the same period in 2020.

The company has attributed this profit to a number of key factors including the group’s focus on capturing group synergies through improving key operational activities across the group, a significant reduction in overall group costs including a decrease in direct costs and administrative costs of 6.4 per cent and 14.2 per cent respectively year on year, as well as the group’s commitment to paying a large portion of its debt which has resulted in a staggering reduction in finance costs of 42.1 per cent year on year.

“Our results for the financial period ending on 31-03-2021 represent an encouraging start for this year. While the world is still struggling to recover from the economic and health implications imposed by the spread of the Covid-19 pandemic, we at Union Properties have sought out to optimise our cash flows by adopting a flexible policy to adapt to the economic changes,” said Khalifa Hassan Al Hammadi, Chairman of the Board of Directors.