The Union Real Estate Company achieved profits of 509 million dirhams during the third quarter of 2020, and the profits of the first nine months of the year amounted to 348.78 million dirhams.
According to the Emirates News Agency, the company succeeded in overcoming all its losses for the year 2019, and its assets increased to 6.162 billion dirhams by the end of September of this year compared to 5.86 billion Dirhams in the previous year, the equity attributable to the shareholders of the company also rose to 3.04 billion dirhams.
Profit came from the change in the fair value of real estate investments to 822 million dirhams, compared to 9.6 million dirhams during the first nine months of 2019.
The company's financial statements showed that general and administrative expenses and financing expenses decreased by 24% and 26% respectively compared to the same period of the previous year.
Khalifa Hassan Al Hammadi, Chairman of the Board of Directors, said that the Board of Directors, which took over the management of the company last April, set a clear vision to restore Union Real Estate to the ranks of the leading companies, where we succeeded in Restructuring our largest debt and restoring the credit reputation of the company. We also worked hard to restore the owned floor spaces and finalized all approvals regarding them with the regulatory authorities, which reflected positively on our financial results.
Al-Hammadi added: We have many indicators promising continued momentum as we recently obtained an offer to acquire a stake in our subsidiary Dubai Autodrome, which will positively reflect on our future results upon completion The deal, which we expect to take place in the fourth quarter of this year or the first quarter of next year.
