Union Properties sees net profit for Q2 2022 after healthy performance from subsidiaries ...United Arab Emirates

Developer Union Properties has announced its consolidated financial results for the three-month period ended 30 June 2022, with the company seeing a net profit for the second quarter, following a net loss in the first quarter of the year. In a statement, Union Properties said that the company had delivered a net profit of $77,593 in Q2 2022, as compared to a net loss of $3.26mn in Q1 2022. Revenue from contracts with customers remained stable at $ 26.95mn in Q2 2022 compared to the same period last year. The performance is said to be due to the group’s subsidiaries delivering healthy performance improvements, supported by strong market dynamics in the UAE’s real estate sector. Gross profit f

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