Press releases, Reports & Disclosures for Union Properties PJSC

Union Properties PJSC announced the outcomes of its Annual General Meeting, where a special resolution was approved to reduce the company's total issued share capital by 33.4% to address accumulated losses of approximately AED 1.43 billion. This was achieved by utilizing the full statutory reserve to offset AED 437.95 million of these losses. The meeting highlighted the company's focus on sustainable growth and shareholder value, with Chairman Mohamed Fardan Ali AlFardan discussing the company's financial performance. Union Properties reported an operating profit of AED 161.8 million, a 59% increase, and a total comprehensive income of AED 395 million. Revenue from customer contracts rose to AED 528.7 million, reflecting the company's ongoing operational performance and strategic growth.

The text is a disclosure regarding the approval of proxies, based on Clauses 1 and 2 of Article 40 of the Corporate Governance Manual. It informs shareholders that they can delegate someone, who is not a board member or company employee, to attend the general assembly on their behalf. The delegated person must have a written authorization stating their right to attend and vote, and they cannot represent more than 5% of the company's issued capital. Shareholders lacking legal capacity must be represented by their legal representatives. The shareholder's signature on the power of attorney must be approved by specific entities such as a notary public, a chamber of commerce, a licensed bank or company, financial markets, or any licensed entity for attestation. The proxy form should include the contact details of the shareholder and the brokerage firm that approved the proxy.

Union Properties reported strong financial results for the fiscal year 2024, achieving a comprehensive income of AED 395 million and a 59% growth in operating profits. The company's success is attributed to the strong performance of its subsidiaries, effective debt restructuring, and increased demand for its real estate projects. Operating profit reached AED 161.8 million, and revenue from customer contracts rose to AED 528.7 million, compared to AED 508 million in 2023. In 2024, Union Properties completed debt repayments totaling AED 723 million and reduced finance costs from AED 114 million in 2023 to AED 31.7 million. The company plans to address accumulated losses through capital reduction, aiming to strengthen its capital structure and enable future dividend distribution.