Union Properties, a leading UAE real estate developer with a 30-year track record of delivering iconic residential developments, has reported a net profit of Dh62.33 million ($15 million) for 2018, up 19 per cent over the previous year when the company had registered a loss of Dh2.37 billion.

Meanwhile, shareholder equity surged by Dh452 million compared to 2017, it stated.

The reported profit is a testament to Union Properties’ robust performance and the new management’s vision to achieve profitability within one year, said the company in a statement.

Since its formation in 1987, Union Properties has firmly established itself as a leader in the UAE property development market. The publicly listed company with headquarters in Dubai currently employs over 6,000 people, it stated.

Instrumental in developing some of Dubai’s most iconic projects, Union Properties has overseen the successful delivery of over 10,000 residential, commercial and retail units in the city. The company’s extensive portfolio includes UP Tower, Index Tower, Limestone House, Dubai Autodrome, Green Community and Uptown Mirdif.

In 2017, Union Properties announced Phase Two masterplan for Dubai Motor City. Comprising a wide range of residential properties, recreational facilities and business units, the development is also home to Dubai Autodrome, the UAE’s first fully integrated multipurpose motorsports circuit, said the developer in its report.  

Union Properties has 11 subsidiaries including facilities management firm Serveu and interior company The Fitout, it added.-TradeArabia News Service