Dubai s Union Properties exits shopping mall project in Motor City for Dh420m gulfnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulfnews.com Daily Mail and Mail on Sunday newspapers.
Dubai s Union Properties dismisses all talk of going private, de-listing from DFM gulfnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulfnews.com Daily Mail and Mail on Sunday newspapers.
Dubai: Stake sales and a company-wide restructure helped Union Properties – developer of Motor City – head back into profits. The company confirmed Dh200.1 million as net profit as against the Dh224.3 million loss sustained in 2019.
The new strategy has reduced accumulated losses and “noticeably” increased shareholder equity by 6.4 per cent to Dh2.89 billion, the company said in a statement. Asset value totalled Dh5.99 billion.
“The massive reduction in operating costs compared to previous years” also helped script the turnaround, according to Khalifa Hasan Al Hammadi, Chairman.
Last year, the developer reworked its loan obligations with Emirates NBD, extending the payment tenor. It has also won Board of Directors approval to raise Dh400 million from a stake sale at its Autodrome project. The proposal is awaiting shareholders approval.