Net profit for Q1 2008 grew by 70% compared to Q1 2007 and 12% compared to Q4 2007. Revenue for Q1 2008 reached Dhs944m and net profit stood at Dhs238m (Dhs0.086 per share for Q1 2008 compared to Dhs0.051 per share for Q1 2007). The quarterly results include gain on sale of investment properties amounting to Dhs154m in line with the Company's strategy to offload aged assets and change the structure of its investment properties portfolio. No gain on valuation of investment properties was booked during Q1 2008.
Total assets and shareholders' equity continued to grow and stood at Dhs12.6bn and Dhs5.5bn respectively as of March 31, 2008, growing by 48% and 17% compared to March 31, 2007.
Development and investment properties comprised 63% of total assets and stood at Dhs7.9bn at the end of Q1 2008, growing 61% over Q1 2007
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Union Properties Q1 net profit sees 70% growth over Q1 2007
- United Arab Emirates: Tuesday, April 22 - 2008 at 07:49
- PRESS RELEASE
The Union Properties PJSC 15th Annual General Meeting will be held today, April 22. The Board of Directors are pleased to announce the Q1 Results for 2008.
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About Union Properties PJSCUnion Properties PJSC
Union Properties PJSC (UP), one of the United Arab Emirates' leading property investment developers, started as Union Property Private Limited in 1987 and floated as a public limited company in 1993. Celebrating '20 Years' of growth, innovation, motivation and attention to detail, UP has an outstanding reputation for professionalism and integrity throughout the UAE, serving public institutions, multinational corporations, the business community and the private sector. Today, Union Properties boasts an annual turnover of more than $788m and projects under construction worth $5bn.
UP's comprehensive range of services include Properties investment and development, project management, interior design and fit-out, property management, facilities management and MEP Contracting tailored to specific needs through its business associates and subsidiary companies. UP's subsidiary companies include Dubai Autodrome, Speedcar Series, F1-X, The FITOUT, Edara, ServeU, Thermo, GMAMCO and EMICOOL and associates consist of Regus, Marriott Executive Apartments and Courtyard by Marriott.
With over 24 projects, the company has created a portfolio of iconic landmarks in commercial, residential and leisure developments, from high-rise towers to multi-use complexes, hotels and theme parks; such as The Tower, Green Community, UPTOWN Mirdiff, Net.community, Index, Limestone House and MotorCity. The success of UP is reflected in the company's steady growth accomplished by the commitment and loyal support of over 17,000 employees in all fields. This success is built upon six basic principles forming the company's ethical code; quality, service, innovation, care, trust and diversity.
Press Information
Sabra Saleh
Public Relations Manager - Union Properties PJSC
Tel: +971 (4) 806 2494 - Mobile: +971 (50) 732 7020 - Fax: +971 (4) 885 3971
Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, April 22 - 2008 at 07:49 UAE local time (GMT+4)
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