Dubai – Mubasher: The revenues of Union Properties contracts with customers increased by 6.1% to reach 398.70 million dirhams in 2021 compared to the previous year..
The company attributed this, in a disclosure to the Dubai Stock Exchange, to the recovery of the real estate sector in the country following the gradual lifting of the restrictions imposed due to the “Covid-19” pandemic.
She pointed out that the total profit for the same period increased to 67.83 million dirhams, compared to 14.17 million dirhams in the previous year, thanks to a decrease in direct costs by 8.5%..
She noted that throughout the year, the newly appointed board of directors changed the company’s independent evaluator and appointed Land Sterling to assess the fair value of its properties on December 31, 2021..
And the company discovered an inflation in the book value of its assets in previous years, which caused Union Properties to lose 1.11 billion dirhams from valuing its properties in 2021, compared to gains of 743.6 million dirhams in the previous year.
The company also faced a deficit of 154.64 million dirhams due to investment in listed securities and shares.
Union Properties recorded a net loss of 966.76 million dirhams in 2021, compared to a profit of 200.98 million dirhams in the previous year..
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