Dubai Financial Market-listed Union Properties reported revenue of AED 809.5 million for the first nine months of 2026, representing a 58% year-on-year increase. The growth was supported by improved operational performance, higher contributions from subsidiaries and continued execution across the company’s real estate development and operating businesses.
Net profit stood at AED 28 million for the nine months ended September 30, 2026, compared with AED 139.2 million in the corresponding period of 2025. The decline was largely attributable to a one-off gain of AED 152 million from the sale of a land plot recorded in the previous year, which had significantly increased the comparative period’s reported profitability.
Gross profit increased 61% to AED 156.7 million from AED 97.5 million in 9M 2025, outpacing revenue growth. The improvement reflects stronger contributions from the company’s underlying operations and its focus on cost management. Based on the reported figures, the gross profit margin increased slightly to approximately 19.4%, compared with 19.0% a year earlier.
During the first half of 2026, Union Properties generated revenue of AED 529.3 million, up 68% year-on-year, while gross profit increased 41% to AED 107 million. Based on the nine-month and first-half figures, third-quarter revenue amounted to approximately AED 280.2 million, with gross profit of AED 49.7 million, reflecting continued business activity during the July-to-September period.
Beyond its financial performance, Union Properties highlighted a development pipeline valued at approximately AED 4 billion, with around AED 3.87 billion in future development revenue expected to be realised by 2028. These figures represent the company’s projected development revenue rather than income already recognised, with actual recognition dependent on project execution and delivery.
The development portfolio includes Takaya, a mixed-use project valued at approximately AED 2 billion, and Mirdad, another development valued at around AED 2 billion. Both projects form part of Union Properties’ strategy to expand its real estate development activities, diversify revenue sources and strengthen its presence in Dubai’s property market.
Chairman Sheikh Nasser Rashid Almoalla highlighted the company’s focus on improving financial fundamentals, strengthening corporate governance and accelerating development activity. Dr. Ali Rashed Sultan Al Kaitoob, Board Member and Vice Chairman of the transition committee managing Union Properties, emphasised operational efficiency, subsidiary performance and the execution of the company’s development pipeline.
Union Properties also stated that it continues to maintain a strong liquidity position and financial flexibility, although the announcement did not disclose specific cash balances, total assets or debt figures. Looking ahead, the company intends to focus on converting its development pipeline into future revenue while improving the performance of its existing businesses.
Disclaimer: This article is for informational purposes only and should not be construed as investment, financial, or legal advice.
