United Dubai Properties reported a profit of AED 825,000 ($225,000) in the third quarter of 2022, but the accumulated loss reached AED 2.94 billion, 68.52% of the capital ratio.
In a statement to the Dubai Financial Market (DFM), managing director Amer Khansaheb said the company has maintained a positive growth trend and continues to see benefits from its business transformation strategy.
This was despite a loss of AED 11.37 million reported for the first nine months of 2022, compared to a profit of AED 1.37 million for the same period in 2021.
“We remain focused on driving growth and delivering cost efficiencies, particularly at the subsidiary level,” he said.
“Looking ahead, we are very optimistic as we explore several development options that we expect to deliver long-term value to our investors.”
Q3 profit increased year-on-year to AED 825,000, from a loss of AED 31 million in 2021.
Revenue from contracts with customers for Q3 2022 was up to AED 101.2 million from 98.6 million YoY. For the first nine months of 2022 it was AED 305.7 million, up from AED 296 million YoY.
The company said in a press release that general and administrative expenses decreased by 50% YoY to AED 16.8 million in Q3 2022, and by 39% to AED 54 million in the first nine months of 2022, compared to the same period last year.
(Writing by Imogen Lillywhite; Editing by Seban Scaria)