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Dubai-based Union Properties has returned to profitability in 2022 with a net profit of AED30 million ($8.1 million) compared to net loss of AED967 million ($263 million) the previous year, while revenue increased by 5% thanks to its turnaround strategy.
Turnaround strategy continues to drive cost efficiencies with administrative and general expenses down 32% year-on-year
Dubai-based developer Union Properties has reported a net profit in Q2 2022 as it turnaround strategy was able to achieve significant cost savings.