Dubai developer posts Dh28 million net profit, backed by a Dh4 billion project pipeline.
Dubai: Union Properties recorded a 58% rise in revenue to Dh809.5 million during the first nine months of 2026, supported by stronger operating performance and increased contributions from its subsidiaries. However, net profit declined significantly compared with the same period last year.
The Dubai-listed developer reported a net profit of Dh28 million for the nine months ended September 30, down from Dh139.2 million in the corresponding period of 2025. Last year’s earnings included a one-off gain of Dh152 million from the sale of a land plot.
Gross profit increased 61% to Dh156.7 million, compared with Dh97.5 million a year earlier, reflecting improved performance across the company’s operating businesses and the impact of cost-control measures, Union Properties said on Tuesday.
The latest results follow a strong first half, during which revenue grew 68% to Dh529.3 million, while gross profit rose 41% to Dh107 million.
Dh4 billion development pipeline
Union Properties said its development pipeline is valued at approximately Dh4 billion, with around Dh3.87 billion in future development revenue expected to be realised by 2028.
The portfolio includes Takaya, a mixed-use development valued at about Dh2 billion, and Mirdad, another project worth approximately Dh2 billion. Both developments are central to the company’s plans to expand its property portfolio and generate additional revenue in the coming years.
Sheikh Nasser Rashid Almoalla, Chairman of Union Properties, said the company remained committed to strengthening its financial position, expanding its development pipeline and pursuing opportunities that would support sustainable, long-term growth.
Dr Ali Rashed Sultan Al Kaitoob, Board Member and Vice Chairman of the transition committee overseeing Union Properties, said the company was focused on improving asset performance, enhancing operational efficiency across its subsidiaries and accelerating the delivery of development projects.
Union Properties added that it continues to maintain a strong liquidity position and financial flexibility to support its development plans, although it did not disclose specific liquidity figures.
The developer expects its current project pipeline and operating businesses to drive revenue growth in the years ahead as it steps up construction and development activities across Dubai.
