Dubai developer Union Properties swung to a profit in the first quarter as it continued to successfully put in place its turnaround strategy amid a strong rebound in the emirate’s property market.
The company’s net profit for the three month-period ending March reached Dh12.3 million ($3.3 million), from a loss of Dh12.5 million in the same period last year, Union Properties said in a filing on Wednesday to the Dubai Financial Market, where its shares are traded.
Revenue from contracts with customers in the January to March period rose by about 16 per cent annually to Dh122.1 million, as the group’s subsidiaries continued to perform strongly, the company said.
“We continue to make strong progress with the implementation of our turnaround strategy, building on the significant milestones achieved in the previous year,” said Amer Khansaheb, managing director of Union Properties.
“Looking ahead, we will continue to focus on driving efficiency across the group to support sustainable profitability improvements and cash flow generation.”
Union Properties launched a revised turnaround strategy in the first quarter of 2022 to cut costs, boost profitability and restore shareholder value, and said it was in negotiations with two of its major creditor banks to restructure loan facilities.
In December, the company unveiled a Dh1.6 billion development in Motor City, as part of its turnaround strategy.
The development, called Takaya, features 788 units across three towers, including 39 townhouses, five villas, 744 apartments and 55,000 square feet of retail space.
The developer also reached an agreement with its creditors in October to restructure Dh595 million of debt that it said would help it recover and grow amid the UAE property market’s strong rebound.
The UAE property market has continued to recover from coronavirus-induced slowdown thanks to government initiatives, higher oil prices and other measures to support the economy.
Dubai's total transactions value rose 80 per cent annually to Dh157 billion in the first quarter, according to official data.
Meanwhile, Abu Dhabi recorded real estate transactions worth Dh27.9 billion during the three-month period, the latest data from the Department of Municipalities and Transport showed.
Union Properties said it delivered significant efficiency improvements during the first quarter as part of its strategy to enhance profitability through fiscal prudence.
“We are now in a strong position to deliver long-term value creation for our shareholders by leveraging our deep expertise, reputation and highly sought-after land bank locations to drive growth and capitalise on the UAE’s thriving real estate market,” said Mr Khansaheb.
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Starring: Ali El Ghoureir, Khalil El Roumeithy, Mostafa Abo Seria
Stars: 3
MOUNTAINHEAD REVIEW
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Director: Jesse Armstrong
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Day 2, stumps
Pakistan 482
Australia 30/0 (13 ov)
Australia trail by 452 runs with 10 wickets remaining in the innings
Specs
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Power: 134bhp
Torque: 175Nm
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Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')
Leeds United 2 (Cooper 41'; Dallas 73')
Man of the match: Scott McTominay (Manchester United)
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Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
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MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
'Gehraiyaan'
Director:Shakun Batra
Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa
Rating: 4/5
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TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
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Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
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The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
RESULT
Brazil 2 Croatia 0
Brazil: Neymar (69'), Firmino (90' 3)
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
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How to help
Donate towards food and a flight by transferring money to this registered charity's account.
Account name: Dar Al Ber Society
Account Number: 11 530 734
IBAN: AE 9805 000 000 000 11 530 734
Bank Name: Abu Dhabi Islamic Bank
To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae
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ON%20TRACK
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Fuel economy, combined: 8.7L / 100km
