Dubai developer Union Properties made steady progress in its turnaround plans, particularly on cost and debt. Union Properties saw net profit of 2024 increasing to Dh53.14m as compared to Dh37.44m last year. For the third quarter of this year, the net profit reduced to Dh18.37m from Dh19.73m.
This indicates a positive nine-month performance. Indeed, the turnaround debt reduction strategy of Union Properties appears to be successful. The company had enormous financial pressures in the last couple of years. The management stressed that paying off the old debts remains the highest priority while stabilizing and rejuvenating the organization.
The company management has been proactive about identifying cost-reduction areas. They focused on optimized resource utilization without compromising the quality of service and project delivery. Union Properties seeks more project opportunities that have been aligned well with Dubai’s long-term vision of sustainable urban development.
The company focuses on innovative real estate solutions and customer experience delivery. It also seeks to gain a stronghold in the competitive nature of the Dubai market. Union Properties actually making strong efforts to turn their business into most successful one.
Investors and stakeholders are, therefore, keenly observing the next steps of Union Properties. Their special focus is on debt reduction initiatives and new project announcements. The company can clear legacy debts while commencing fresh ventures.
