Dubai-based developer, Union Properties, reported a net profit of AED24.7mn attributable to shareholders for the second quarter (Q2) compared to a loss of AED2.29bn for the same period last year.
Announcing the results for the six-month period, Union Properties said net profit for the first half (H1) of 2018 stood at AED207mn compared to a loss of AED2.24bn last year. However, its quarter-on-quarter profit plunged to over 86%.
In a filing to Dubai Financial Market (DFM), the company noted that it is still preparing the documentation for submitting the updated master community development plan for its flagship Motorcity project to the regulatory authorities for approval.
In line with its strategy to further diversify operations and revenue sources, Union Properties had last year established two fully-owned subsidiary companies – Union Malls, which offers retail and leisure options in Union Properties developments, and Al Etihad Hotel Management, which develops and manages luxury hotels and furnished residences in Dubai.
It had also set up a new investment arm, UPP Capital Investment, which comes within the framework of the real estate groups diversification strategy.