DUBAI: Union Properties PJSC (UPP) announced its preliminary financial results for the fiscal year 2023, registering a record net profit of AED 811 million, up by 2607% from 2022. The company’s operating profit also grew by 60%, reaching AED 508 million.

The company attributed its exceptional performance to its strategic approach, market position, and diversified business group. It also credited the increased demand for real estate, the innovative and sustainable development strategies, and the operational efficiency of its team members.

Eng. Amer Khansaheb, Board Member and Managing Director of Union Properties, said: “We are proud of our achievements in 2023, which reflect our commitment to delivering value for our shareholders and stakeholders. We leverage the momentum of Dubai’s thriving real estate market and solidify our standing as an industry leader. We have a robust foundation and a clear vision for the future, and we aim to launch AED 5 billion worth of projects over the coming few years.”

Union Properties has also made significant progress in resolving its outstanding legal and operational issues, reducing its losses and capital burdens, and developing more real estate projects. The company has a diverse portfolio of residential, commercial, and mixed-use developments, and remains committed to delivering premium products and services to its clients and partners. The company also upholds transparency with the market and its clients, and seeks to seize new opportunities and play a significant role in Dubai’s flourishing real estate sector.

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