Union Properties Profit Falls To Dh28m As Last Year's One-Off Gain Lifts Comparison

(MENAFN- Khaleej Times) Union Properties reported a net profit of Dh28 million for the first nine months of 2026, down from Dh139.2 million in the corresponding period last year, when earnings were boosted by a one-off gain from the sale of a plot valued at Dh152 million.

The Dubai-listed developer's revenue, however, increased 58 per cent year-on-year to Dh809.5 million for the nine months ended September 30, supported by stronger operational performance, higher contributions from subsidiaries and continued execution across its business portfolio.

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Gross profit rose 61 per cent to Dh156.7 million, compared with Dh97.5 million in the same period last year, reflecting improved operational efficiency, cost management and stronger underlying business performance.

The results build on the momentum recorded during the first half of 2026, when revenue increased 68 per cent year-on-year to Dh529.3 million, while gross profit grew 41 per cent to Dh107 million.

Sheikh Nasser Rashid Almoalla, chairman of Union Properties, said the third-quarter performance reflected the company's strategic direction and commitment to sustainable growth, corporate governance and shareholder value.

“We remain focused on strengthening the Company's financial fundamentals, accelerating the expansion of our development pipeline, and capitalising on opportunities that support our long-term growth ambitions,” he said.

The developer is advancing a development pipeline valued at approximately Dh4 billion, with around Dh3.87 billion in future development revenue expected to be realised by 2028.

Its portfolio includes Takaya, a mixed-use development valued at approximately Dh2 billion, and Mirdad, another Dh2 billion project.

The developments are expected to support future revenue generation, diversify income streams and strengthen the company's presence in Dubai's real estate market.

Dr Ali Rashed Sultan Al Kaitoob, vice chairman of the transition committee tasked with managing Union Properties, said the company remained focused on improving asset performance, enhancing operational efficiency across its subsidiaries and accelerating project execution.

Union Properties said it continues to maintain a strong liquidity position and financial flexibility, providing a foundation for capital deployment and the execution of its growth strategy.

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