Union Properties Nine-Month Profit Falls to Dh28 Million as Revenue Rises 58%

The underlying business grew. Revenue for the nine months to September 30 rose 58% year on year to Dh809.5 million, which the Dubai-listed developer attributed to stronger operations, higher contributions from subsidiaries and continued project execution. Gross profit increased 61% to Dh156.7 million from Dh97.5 million.

The results extend the trend from the first half of 2026, when revenue rose 68% to Dh529.3 million and gross profit grew 41% to Dh107 million.

Pipeline And Projects

Union Properties said it is advancing a development pipeline valued at about Dh4 billion, with around Dh3.87 billion in future development revenue expected to be recognised by 2028. Its portfolio includes Takaya, a mixed-use development valued at about Dh2 billion, and Mirdad, another Dh2 billion project.

Chairman Sheikh Nasser Rashid Almoalla said the company would concentrate on "strengthening the Company's financial fundamentals, accelerating the expansion of our development pipeline, and capitalising on opportunities that support our long-term growth ambitions."

Dr Ali Rashed Sultan Al Kaitoob, vice chairman of the transition committee managing the company, said the focus remains on improving asset performance, raising efficiency across subsidiaries and speeding up project delivery. The company said it has a strong liquidity position to fund its growth plans.

Why It Matters

The headline profit decline reflects last year's one-off gain more than a weaker business. For investors watching Dubai property stocks, the more useful signals are the 58% rise in revenue and the Dh3.87 billion of development revenue the company expects to book by 2028. Those figures suggest earnings will increasingly depend on whether Takaya and Mirdad are delivered on schedule.