{"id":3313,"date":"2016-02-01T21:27:36","date_gmt":"2016-02-01T14:27:36","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=3313"},"modified":"2016-02-01T18:49:56","modified_gmt":"2016-02-01T11:49:56","slug":"union-properties-profit-plunges-in-dubai-slowdown","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/union-properties-profit-plunges-in-dubai-slowdown\/","title":{"rendered":"Union Properties profit plunges in Dubai slowdown"},"content":{"rendered":"


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\nProfits at Union Properties, the Dubai developer behind Motor City and the Green Community, halved last year as the company was hit hard by a slowdown in the emirate’s property market.Union Properties reported that net profit for the year sank to Dh434.6 million – down 49.7 per cent from Dh864.9m the previous year.Revenues for the period fell 61 per cent to Dh1.46 billion from Dh2.07bn a year earlier, the company reported to the Dubai bourse.
\n“Net profit was approximately Dh435m, giving 12 fils as earnings per share for 2015,” said Ahmad Al Marri, general manager of Union Properties.He added that total assets reduced by 2.4 per cent to Dh8.2bn at the end of 2015, while shareholders’ equity in the company increased by 6.6 per cent over the period to stand at Dh5.3bn.The news concludes a disappointing year for Union Properties, which reported an 84 per cent fall in profit in the first quarter of the year, a second-quarter net profit fall of 96 per cent and third-quarter profit slide of 13.5 per cent, much of which it blamed on lower sales revenues and lower gain on property valuations.
\nThe company did not provide a breakdown of fourth-quarter numbers.”The fall in profits is not a surprise,” said Harshjit Oza, a property analyst at Naeem Brokerage. “With oil prices low and a softness in the Dubai property market, we have been expecting some developers to report weak earnings and falls in profits. We expect this weakness to continue in 2016 as well.”Union Properties was hit hard by the global financial crisis in 2008. After 2010, to shore up its cash balance, the developer sold some of its key assets such as the Ritz-Carlton Hotel and substantial stakes in Limestone House and Index Tower to its key shareholder, Emirates NBD.
\nHowever, since then the company has begun construction on 226 properties at the third phase of its Green Community project in Dubai Investments Park, and has unveiled plans to establish a Saudi Arabian joint venture with Naif Al Rajhi Investment Company.lbarnard@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Union Properties profit plunges in Dubai slowdown<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Profits at Union Properties, the Dubai developer behind Motor City and the Green Community,...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-3313","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-Rr","jetpack-related-posts":[{"id":12526,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/union-properties-q1-profit-up-50-despite-lower-income\/","url_meta":{"origin":3313,"position":0},"title":"Union Properties Q1 profit up 50% despite lower income","date":"May 10, 2016","format":false,"excerpt":"\r Union Properties reported a 50 per cent year-on-year increase in first quarter profit, despite lower income, the Dubai-listed firm said. Net profit attributable to equity holders in the three months ending March 31 reached Dh42.1 million, up from Dh28.1m in a year-earlier period, the company said in a statement\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43500,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/union-properties-profit-falls-by-half-in-2016\/","url_meta":{"origin":3313,"position":1},"title":"Union Properties profit falls by half in 2016","date":"February 9, 2017","format":false,"excerpt":"\r Union Properties has announced a 51 per cent decline in full-year profits for 2016 to Dh211.4 million, down from Dh434.6m in 2015.The company filed preliminary results on the Dubai Financial Market showing that revenue also witnessed a decline of about 23 per cent to Dh1.13 billion compared with Dh1.47bn\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43502,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/union-properties-profit-fell-by-half-in-2016\/","url_meta":{"origin":3313,"position":2},"title":"Union Properties profit fell by half in 2016","date":"February 9, 2017","format":false,"excerpt":"\r Union Properties has announced a 51 per cent decline in full-year profits for 2016 to Dh211.4 million, down from Dh434.6m in 2015.The company filed preliminary results on the Dubai Financial Market showing that revenue also witnessed a decline of about 23 per cent to Dh1.13 billion compared with Dh1.47bn\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21488,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-emaar-properties-reports-8-rise-in-q2-profit-now-in-exciting-phase-of-growth\/","url_meta":{"origin":3313,"position":3},"title":"Dubai's Emaar Properties reports 8% rise in Q2 profit, now in 'exciting phase of growth'","date":"July 31, 2016","format":false,"excerpt":"\r Emaar Properties has increased its second-quarter net profit by 8 per cent year-on-year to Dh1.27 billion as revenue climbed by 7 per cent to Dh3.5bn. In the six-month period, net profit was up 12 per cent to Dh2.48bn (H1 2015: Dh2.2bn) as revenue climbed by 11 per cent to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4023,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rise-in-profit-for-dubais-emaar-malls-less-than-expected\/","url_meta":{"origin":3313,"position":4},"title":"Rise in profit for Dubai's Emaar Malls less than expected","date":"February 8, 2016","format":false,"excerpt":"\r \r The tills may still be ringing and the droves of tourists still arriving, but Dubai's retail juggernaut showed signs of slowing slightly yesterday as fourth-quarter profit at the emirate's largest shopping centre owner missed analysts' expectations. Profit for the quarter ended December at Emaar Malls Group, which owns\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":44123,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/signs-of-momentum-for-dubai-property-sector\/","url_meta":{"origin":3313,"position":5},"title":"Signs of momentum for Dubai property sector","date":"February 15, 2017","format":false,"excerpt":"\r Two of Dubai's largest property developers reported on Tuesday a boost in fourth-quarter net profit, prompting further hopes of a Dubai market recovery.Burj Khalifa developer Emaar Properties said net profit for the three months to the end of December 2016 increased by 56 per cent, climbing to Dh1.61 billion\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/3313"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=3313"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/3313\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=3313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=3313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=3313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}