Latest news with #AmerKhansaheb
Zawya
an hour ago
- Business
- Zawya
Union Properties reports 44% gross profit growth in H1 2025, signs AED 700mln sale agreement
Dubai, UAE – Union Properties PJSC ('Union Properties' or 'the Company') (DFM: UPP) today announced its financial results for the second quarter of 2025, showcasing continued momentum in its transformation journey and solid progress across key operational and financial indicators. The Company reported AED 152.4 million in gross revenue for Q2 2025, representing a 19% year-on-year increase from AED 128 million in Q2 2024. Gross profit surged to AED 32.9 million, up 77.84% compared to the same period last year, reflecting improved operational efficiency and margin recovery. For the first half of 2025, Union Properties recorded AED 316 million in total revenue, up from AED 266 million in H1 2024, and AED 75.6 million in gross profit - representing a 44% increase over the AED 52.6 million reported in the same period last year. Eng. Amer Khansaheb, Chief Executive Officer and Board Member of Union Properties PJSC, commented: 'We are pleased to report another quarter of meaningful progress in our transformation. The first-half results reflect the strength of our operating fundamentals and our ongoing commitment to long-term value creation. While we continue to invest in scaling up our development business and digitizing our operations, the financial impact of these strategic steps will unfold over the coming quarters.' The Company noted that its overhead expenses increased in H1 2025, primarily due to two factors: The early-stage nature of the real estate development cycle, where costs are incurred upfront while project revenues are expected to materialize progressively over the next three years. A significant investment in digital transformation, addressing legacy technology gaps and modernizing systems across the Group to support future growth. As part of its ongoing debt management plan, Union Properties announced in Q2 its intention to repay AED 150 million in bank debt. However, only AED 20 million was repaid prior to quarter-end, with the remaining AED 130 million scheduled for repayment in Q3 2025 due to the timing of cash receipts after the quarter's close. A key strategic highlight of Q2 was the signing of a conditional sale agreement worth AED 700 million for a major real estate asset in Motor City. This landmark transaction is expected to be financially recognized in Q4 2025 and forms a cornerstone of the Company's strategy to unlock value from its land bank and strengthen its balance sheet. While net profit for Q2 2025 stood at AED 8.74 million, lower than the same period last year, the decline is attributed to front-loaded investments in development activities and infrastructure upgrades. Notably, financial costs decreased to AED 14.28 million in the first half of 2025 from AED 15 million in H1 2024. Union Properties remains focused on executing its AED 5 billion+ development pipeline and delivering sustained value to shareholders through prudent capital allocation, revenue diversification, and operational transformation.
Zawya
2 days ago
- Business
- Zawya
Union Properties inks $190mln deal for key real estate project
UAE - Union Properties, a leading UAE developer, has signed a conditional sales agreement valued at AED700 million ($190 million) for a significant real estate project in Motor City. This marks a pivotal milestone in the company's strategic roadmap, effectively concluding its comprehensive recovery plan which was designed to resolve all legacy debt settlements and restore long-term financial strength. Building on a record AED1.3 billion ($354 million) in plot sales achieved in 2024 as part of its comprehensive debt restructuring strategy, this latest agreement is expected to be recognized in the company's Q4 2025 financials. The Dubai developer said the real estate project will contribute meaningfully to the continued evolution of MotorCity, one of Dubai's most established communities. Structured under a deferred payment framework, the agreement further reinforces Union Properties' disciplined financial approach, with the initial deposit already secured, ensuring strong cash flow visibility and continued balance sheet optimization, it stated. Upon completion, the proceeds will enable Union Properties to fully settle its legacy debt, marking the culmination of a multi-year recovery strategy. This milestone positions the company to pivot decisively toward a new phase of sustainable growth, strategic capital deployment, and long-term value creation for its shareholders. Engineer Amer Khansaheb, the CEO and Board Member of Union Properties, said: "This transaction is more than a sale - it is a signal of strength. With this transition, we bring our recovery plan to a close, settle all legacy debts, and lay the foundation for a bold new chapter." "This milestone reflects not only the trust and confidence of the market in our vision, but also the resilience and discipline of our team in executing one of the most successful turnaround strategies in the sector. Today, we build from a position of strength, focused on strategic development, long-term value creation, and a sustainable impact across the UAE's Real Estate landscape," he added.
Mid East Info
3 days ago
- Business
- Mid East Info
Union Properties signs AED 700 million sale agreement, paving way for sustainable growth - Middle East Business News and Information
Union Properties PJSC 'Union Properties' or the 'Company' DFM symbol: UPP, has signed a conditional sale agreement valued at AED 700 million for a significant Real Estate project in Motor City. This marks a pivotal milestone in the Company's strategic roadmap, effectively concluding its comprehensive recovery plan which was designed to resolve all legacy debt settlements and restore long-term financial strength. Building on a record AED 1.3 billion in plot sales achieved in 2024 as part of its comprehensive debt restructuring strategy, this latest agreement is expected to be recognized in the Company's Q4 2025 financials. Importantly, the Real Estate project will contribute meaningfully to the continued evolution of MotorCity, one of Dubai's most established and sought-after communities. Structured under a deferred payment framework, the agreement further reinforces Union Properties' disciplined financial approach, with the initial deposit already secured, ensuring strong cash flow visibility and continued balance sheet optimization. Upon completion, the proceeds will enable the Company to fully settle its legacy debt, marking the culmination of a multi-year recovery strategy. This milestone positions the Company to pivot decisively toward a new phase of sustainable growth, strategic capital deployment, and long-term value creation for its shareholders. Eng. Amer Khansaheb, CEO and Board Member of Union Properties, commented on the achievement, stating: 'This transaction is more than a sale – it is a signal of strength. With this transition, we bring our recovery plan to a close, settle all legacy debts, and lay the foundation for a bold new chapter. This milestone reflects not only the trust and confidence of the market in our vision, but also the resilience and discipline of our team in executing one of the most successful turnaround strategies in the sector. Today, we build from a position of strength, focused on strategic development, long-term value creation, and a sustainable impact across the UAE's Real Estate landscape.' Union Properties remains committed to delivering value-driven, market-responsive developments that elevate communities and support Dubai's broader urban vision. As the Company continues to execute its strategic objectives, this landmark transaction signals its resilience, agility, and forward momentum in an increasingly competitive market.
Web Release
3 days ago
- Business
- Web Release
Union Properties signs AED 700 million sale agreement, paving way for sustainable growth
Union Properties PJSC ('Union Properties' or the 'Company') (DFM symbol: UPP), has signed a conditional sale agreement valued at AED 700 million for a significant Real Estate project in Motor City. This marks a pivotal milestone in the Company's strategic roadmap, effectively concluding its comprehensive recovery plan which was designed to resolve all legacy debt settlements and restore long-term financial strength. Building on a record AED 1.3 billion in plot sales achieved in 2024 as part of its comprehensive debt restructuring strategy, this latest agreement is expected to be recognized in the Company's Q4 2025 financials. Importantly, the Real Estate project will contribute meaningfully to the continued evolution of MotorCity, one of Dubai's most established and sought-after communities. Structured under a deferred payment framework, the agreement further reinforces Union Properties' disciplined financial approach, with the initial deposit already secured, ensuring strong cash flow visibility and continued balance sheet optimization. Upon completion, the proceeds will enable the Company to fully settle its legacy debt, marking the culmination of a multi-year recovery strategy. This milestone positions the Company to pivot decisively toward a new phase of sustainable growth, strategic capital deployment, and long-term value creation for its shareholders. Eng. Amer Khansaheb, CEO and Board Member of Union Properties, commented on the achievement, stating: 'This transaction is more than a sale – it is a signal of strength. With this transition, we bring our recovery plan to a close, settle all legacy debts, and lay the foundation for a bold new chapter. This milestone reflects not only the trust and confidence of the market in our vision, but also the resilience and discipline of our team in executing one of the most successful turnaround strategies in the sector. Today, we build from a position of strength, focused on strategic development, long-term value creation, and a sustainable impact across the UAE's Real Estate landscape.' Union Properties remains committed to delivering value-driven, market-responsive developments that elevate communities and support Dubai's broader urban vision. As the Company continues to execute its strategic objectives, this landmark transaction signals its resilience, agility, and forward momentum in an increasingly competitive market.
Zawya
3 days ago
- Business
- Zawya
Union Properties signs AED 700mln sale agreement, paving way for sustainable growth
UAE: Union Properties PJSC ('Union Properties' or the 'Company') (DFM symbol: UPP), has signed a conditional sale agreement valued at AED 700 million for a significant Real Estate project in Motor City. This marks a pivotal milestone in the Company's strategic roadmap, effectively concluding its comprehensive recovery plan which was designed to resolve all legacy debt settlements and restore long-term financial strength. Building on a record AED 1.3 billion in plot sales achieved in 2024 as part of its comprehensive debt restructuring strategy, this latest agreement is expected to be recognized in the Company's Q4 2025 financials. Importantly, the Real Estate project will contribute meaningfully to the continued evolution of MotorCity, one of Dubai's most established and sought-after communities. Structured under a deferred payment framework, the agreement further reinforces Union Properties ' disciplined financial approach, with the initial deposit already secured, ensuring strong cash flow visibility and continued balance sheet optimization. Upon completion, the proceeds will enable the Company to fully settle its legacy debt, marking the culmination of a multi-year recovery strategy. This milestone positions the Company to pivot decisively toward a new phase of sustainable growth, strategic capital deployment, and long-term value creation for its shareholders. Eng. Amer Khansaheb, CEO and Board Member of Union Properties, commented on the achievement, stating: 'This transaction is more than a sale - it is a signal of strength. With this transition, we bring our recovery plan to a close, settle all legacy debts, and lay the foundation for a bold new chapter. This milestone reflects not only the trust and confidence of the market in our vision, but also the resilience and discipline of our team in executing one of the most successful turnaround strategies in the sector. Today, we build from a position of strength, focused on strategic development, long-term value creation, and a sustainable impact across the UAE's Real Estate landscape.' Union Properties remains committed to delivering value-driven, market-responsive developments that elevate communities and support Dubai's broader urban vision. As the Company continues to execute its strategic objectives, this landmark transaction signals its resilience, agility, and forward momentum in an increasingly competitive market.
