Union Properties turned profitable, as it achieved profits of about 32.4 million dirhams in the first half of 2021, compared to losses of about 160.4 million dirhams in the first half of 2020.
According to Arabiya Net, according to the company's statement to the Dubai Financial Market, its turn to profitability is due to the achievement of profits from the fair valuation of investment properties by about 78.9 million dirhams in the first half of the year The current period, compared to zero in the corresponding period of 2020, as well as achieving profits from financial instruments at fair value through profit or loss of 8.4 million dirhams, compared to losses of about 74.3 million dirhams in the same period of the previous year.
The net profit of Union Properties amounted to 26.8 million dirhams in the second quarter of this year, compared to losses of about 38.6 million dirhams in the same quarter of 2020.
Union Properties had turned into a quarterly profit for the first quarter of 2021, amounting to 5.6 million dirhams, compared to losses of 121.9 million dirhams in the same quarter of 2020.
