The Emirates Union Properties turned profitable to achieve profits of 800,000 dirhams in the third quarter of 2022, compared to losses of 31 million dirhams in the same quarter of 2021.
According to Arabiya Net, the company attributed the recording of profits to an increase in quarterly revenues by 3%, and the recording of non-recurring revenues of 29.6 million dirhams.
The head of investment at BHM Capital, Talal Toukan, said that Union Properties recorded a cumulative loss of about 2.9 billion dirhams, representing about 68% of its capital, and while it achieved a loss in a period of 9 months from 2022, it achieved marginal profits in the third quarter of this year by about 800 thousand. dirhams.
Talal Toukan added, in an interview with Al-Arabiya, today, Tuesday, that the clarifications of the sources of income showed that Union Properties’ revenues had risen to more than 100 million dirhams, and that other revenues were recorded at about 19 million dirhams, representing obligations on the company’s budget that were no longer needed.
Talal Toukan explained that Union Properties is benefiting from the remarkable improvement in the real estate market in Dubai, and has developed a restructuring plan that cannot be judged at this stage, even seeing the plan's reflection on the budget.
The head of investment at BHM Capital said that the company's cash flow from operating activities is negative, while the areas designated for development were behind the accumulated losses.
