Union Properties PJSC

Ticker/ISIN
UPP
AEU000101011
Market/Country
Dubai Financial Market
United Arab Emirates
Latest Stock Price
0.36 AED
2024-07-12

Year to date

0.32 %

3 months

-0.13 %

6 months

0.32 %

1 year

-0.08 %

3 years

0.00 %

5 years

0.00 %

Country of Origin: United Arab Emirates (U.A.E)

Union Properties Public Joint Stock Company (“the Company”) was incorporated on 28 October 1993 as a public joint stock company by a United Arab Emirates Ministerial decree.

The principal activities of the Company are investment in and development of properties, the management and maintenance of its own properties including the operation of cold stores, the undertaking of property related services on behalf of other parties (including related parties) and acting as the holding company of its subsidiaries and investing in joint ventures.

The Company and its subsidiaries are collectively referred to as “the Group”. All of the Group’s significant business and investment activities in land, properties, securities and financial derivatives are carried out within the UAE. The Group does not have significant foreign currency exposure towards land, properties, securities and financial derivatives.

Latest Pressrelease Summaries

Union Properties PJSC
Union Properties PJSC has reported a strong financial performance for Q1 2024, with a net profit of AED 16.5 million. Revenue increased by 13% to AED 138 million, compared to AED 122 million in Q1 2023. The company's subsidiaries also performed well, achieving a gross profit of AED 34 million, a 28% increase from the same period in 2023. Union Properties has also sold land worth approximately AED 820 million and is currently negotiating offers exceeding AED 900 million. The company made a debt repayment of around AED 300 million in Q1 and plans to repay AED 261 million in Q2, as part of its restructuring plans.
Union Properties PJSC
The Board of Directors of Union Properties PJSC held its third meeting of 2024 on May 14th. The board approved the minutes of the previous meeting, the unaudited financial statement for the first quarter of 2024, and the change of title for Managing Director Amer Khansaheb to Chief Executive Officer. Additionally, they discussed operational and routine matters of the company. The information was conveyed by the Board Secretary, Fadi Saba, to the CEO of Dubai Financial Market, Mr. Hamed Ahmed Ali.
Union Properties PJSC
The CEO of Dubai Financial Market, Mr. Hamed Ahmed Ali, has been informed that the Board of Directors of Union Properties PJSC will hold its third meeting of the year on May 14, 2024, at the company's headquarters. The agenda includes reviewing and approving the previous meeting's minutes, the unaudited financial statements for Q1 2024, discussing operational and routine matters, and any other issues. The information was conveyed by Mohamed Al Fardan, the Chairman of Union Properties PJSC.
Union Properties PJSC
Union Properties PJSC has shared the outcomes of its 2024 Annual General Meeting, highlighting the company's performance in 2023. The company reported a net profit of AED 837 million in 2023, compared to AED 30 million in 2022. Its subsidiaries also saw significant growth, with revenues from customer contracts increasing to AED 508 million in 2023 from AED 419 million in 2022. The company's management expressed confidence in the real estate market's continued growth in Dubai and the UAE, and is planning to diversify its business portfolio.
Union Properties PJSC
On April 30, 2024, the Annual General Assembly Meeting of Union Properties PJSC was held at the Ritz Carlton Hotel, DIFC, Dubai. The meeting was also available virtually via the LUMI platform. The meeting's outcomes included the appointment of Mr. Fadi Saba as the meeting rapporteur and Mr. Yousef Qaren as the vote collector. The majority of shareholders approved the Board of Directors' report on the company's activities and financial position for the financial year ending on December 31, 2023. They also ratified the Auditor's Report, the company's balance sheet, and profit and loss account for the same financial year. Finally, the majority of shareholders approved the appointment of new Board member Mr. Abdulrahman Sharaf, who replaced a resigned Board member.
Union Properties PJSC
The Annual General Assembly Meeting of Union Properties PJSC, originally scheduled for April 18, 2024, has been postponed due to the lack of quorum. The rescheduled meeting will now take place on Tuesday, April 30, 2024, at 2:00 PM at The Ritz Carlton Hotel, Dubai Financial Center. The meeting will be held both virtually and physically. The information was relayed by Fadi Saba, the Board Secretary of Union Properties PJSC.
Union Properties PJSC
Union Properties, a Dubai-based company, has reported robust asset sales and cash flow generation in Q1 2024, with AED 816 million from plot sales. The company used these proceeds to repay AED 290 million of its debt, with plans to repay an additional AED 250 million in Q2 2024. This is part of Union Properties' debt restructuring plan, aiming to repay AED 966 million to lenders during FY2024, which has improved its cash flow and restored its relationship with financial institutions. The restructuring has also unlocked potential additional financing for future real estate developments, reduced interest rates, freed mortgaged lands for development, and generated seed funding for new projects.
Union Properties PJSC
The Board of Directors of Union Properties (PJSC) has invited its shareholders to the Annual General Assembly Meeting, to be held both virtually and physically at The Ritz Carlton Hotel, Dubai Financial Center, on 18 April 2024. The agenda includes the authorization of the Chairman to appoint the meeting’s Secretary and vote collector, approval of reports on the company's financial position, ratification of the new Board member, approval of expense policies for Board members, and potential discharging or dismissal of Board members and auditors. Shareholders can register to attend and vote electronically, with registration opening on 20 March 2024. Shareholders may also appoint a written proxy to attend the meeting. The meeting will be deemed valid if attended by shareholders who hold or represent at least 50% of the Company’s capital.

Threads

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BondSharesBond

BondSharesBond

Commented on RealEstateKings Transaction regarding Union Properties PJSC

Intriguing move with Union Properties, RealEstateKing. Diversifying with 88 shares at 0.28 AED could add some excitement to your portfolio. Keep an eye on market signals; timing is everything. Cheers.
ShareUkKhan

ShareUkKhan

Commented on RealEstateKings Transaction regarding Union Properties PJSC

Wow, what a move! Union Properties at 0.39 AED is a steal. Diversifying into Industrials next? Keep rocking the portfolio like a true king! 💪✨
TomFlooz

TomFlooz

Commented on RealEstateKings Transaction regarding Union Properties PJSC

Nice move on Union Properties! With your diverse portfolio and steady yields, you're setting a solid foundation. Keep it up, and let's see those returns soar! 🚀
QueenOfCommunication

QueenOfCommunication

Commented on RealEstateKings Transaction regarding Union Properties PJSC

Nice move grabbing Union Properties at that price! Diversifying into real estate could really balance out your portfolio. Keep an eye on those long-term gains! 🚀📈
Dubai Financial Market News

Dubai Financial Market News

News Update From Union Properties PJSC

Disclosure: Detailed Analysis Accumulated Losses

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Union Properties PJSC

Disclosure: Press release regarding financial results for the 1st QTR of 2024

Union Properties PJSC has reported a strong financial performance for Q1 2024, with a net profit of AED 16.5 million. Revenue increased by 13% to AED 138 million, compared to AED 122 million in Q1 2023. The company's subsidiaries also performed well, achieving a gross profit of AED 34 million, a 28% increase from the same period in 2023. Union Properties has also sold land worth approximately AED 820 million and is currently negotiating offers exceeding AED 900 million. The company made a debt repayment of around AED 300 million in Q1 and plans to repay AED 261 million in Q2, as part of its restructuring plans.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Union Properties PJSC

Disclosure: Financial statements for the1st QTR of 2024

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Union Properties PJSC

Disclosure: BOD Meeting Results

The Board of Directors of Union Properties PJSC held its third meeting of 2024 on May 14th. The board approved the minutes of the previous meeting, the unaudited financial statement for the first quarter of 2024, and the change of title for Managing Director Amer Khansaheb to Chief Executive Officer. Additionally, they discussed operational and routine matters of the company. The information was conveyed by the Board Secretary, Fadi Saba, to the CEO of Dubai Financial Market, Mr. Hamed Ahmed Ali.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Union Properties PJSC

Disclosure: BOD Meeting

The CEO of Dubai Financial Market, Mr. Hamed Ahmed Ali, has been informed that the Board of Directors of Union Properties PJSC will hold its third meeting of the year on May 14, 2024, at the company's headquarters. The agenda includes reviewing and approving the previous meeting's minutes, the unaudited financial statements for Q1 2024, discussing operational and routine matters, and any other issues. The information was conveyed by Mohamed Al Fardan, the Chairman of Union Properties PJSC.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Union Properties PJSC

Disclosure: AGM Press Release

Union Properties PJSC has shared the outcomes of its 2024 Annual General Meeting, highlighting the company's performance in 2023. The company reported a net profit of AED 837 million in 2023, compared to AED 30 million in 2022. Its subsidiaries also saw significant growth, with revenues from customer contracts increasing to AED 508 million in 2023 from AED 419 million in 2022. The company's management expressed confidence in the real estate market's continued growth in Dubai and the UAE, and is planning to diversify its business portfolio.

1. Attached Document

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