Union Properties, the Dubai-based property developer, on Monday announced net profits of AED200 million after posting a loss in the previous year.
The company said a “massive reduction” in operating costs had contributed to the “impressive turnaround” after it recorded net losses of AED224 million in 2019.
Total assets grew by 2 percent year-on-year, reaching AED5.99 billion, according to the developer in a filing to Dubai Financial Market.
This content was taken from Gulf News: : https://www.arabianbusiness.com/property/458739-dubais-union-properties-returns-to-profit-after-2019-losses
