Dubai – Mubasher: Union Properties on Tuesday reported a net profit of AED 145.6 million for the first nine months of 2018, compared to an AED 2.3 billion in losses for the corresponding period last year.
The company attributed the profits to the board’s strategy that aims to expand and enhance recurring revenues and profits from financial investments, according to a statement.
The property management and sales revenues rose by 46% year-on-year in the nine-month period ended September to AED 112.3 million, versus AED 76.7 million, the company said.
Meanwhile, other operating revenue grew to AED 277.9 million at the end of September, compared to AED 269.8 million in the same period of 2017.
Gain on financial instruments soared 375% during the nine-month period to AED 5.7 million, versus AED 1.2 million in the January-September period of 2017.
The company also recorded an 18% year-on-year increase in its total income for the first nine months of this year to AED 617 million, compared to AED 524 million for the prior-year period.
Union Properties previously posted a net profit of AED 207.4 million during the first half of 2018.
It is worth noting that direct costs dropped 63% to AED 181.2 million in H1-18 versus AED 488 million in the comparative period of 2017.
