Union Properties net profit takes another dip

Union Properties took another hit on revenues and net profit for 2015, with the latter weighing in at Dh434.6 million and sharply down from 2014’s Dh864.99 million.

Revenues too failed to get in on the growth trajectory, ending 2015 at Dh1.46 billion as against Dh2.06 billion the year before.

The earnings per share were thus halved, to 12 fils from 24 fils in 2014, as per the unaudited results issued by the developer.

Total assets were down a marginal 2.4 per cent, to Dh8.29 billion from Dh8.49 billion in 2014.

In recent years, the developer has been through a major restructuring exercise to rid itself of the debts on the books and which came to a head after the real estate market crash of 2009.

Key assets were disposed off to clear the debts, and a top-down makeover made into a leaner organisation.

Recently, it launched sales at its flagship Green Community development and is also making progress at Motor City. Future growth should also come from its move into Saudi Arabia through a joint venture.

Source: Staff Report, gulfnews.com


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