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Union Properties swings back into black
Dubai - Total assets grew by two per cent year-on-year, reaching Dh5.99 billion in 2020.
The company credited the group’s diversified nature of activities and massive reduction in operating costs that helped it post profit during the year of the pandemic. — File photo
Union Properties swung back into black in 2020, posting net profit of Dh200.1 million as against Dh224.3 million in the previous year, thanks to massive cost cutting measures.
Total assets grew by two per cent year-on-year, reaching Dh5.99 billion in 2020 versus Dh5.86 billion in 2019. Shareholder equity grew by 6.4 per cent to Dh2.89 billion in 2020 versus Dh2.71 billion in 2019.
Despite extremely challenging market conditions, the company credited the group’s diversified nature of activities and massive reduction in operating costs that helped it post profit during the year of the pandemic. — waheedabbas@khaleejtimes.com
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