Dubai developer Union Properties’ accumulated losses have recently reached less than half of the company’s paid-up capital.

The losses as of the fourth quarter of 2023 stood at over AED 2.1 billion ($571 million) representing nearly half (49.08%) of the paid-up capital, according to a disclosure on the Dubai Financial Market (DFM).

The company had previously reported AED 2.863 billion in accumulated losses in the third quarter of 2023, which represented 66.75% of the paid-up capital.

The developer is currently implementing a 10-year strategic plan to deal with the losses.

The firm recorded a full-year 2023 net profit of AED 811.5 million dirhams, up from the AED 30 million posted a year earlier. Its revenue also went up by 21%.

(Writing by Cleofe Maceda; editing by Seban Scaria) 
seban.scaria@lseg.com