• Q1 2008 Revenues – AED 944 million, growth of 60% over Q1 2007.
• Q1 2008 Net profit – AED 238 million, growth of 70% over Q1 2007 and 12% over Q4 2007.
• Total assets AED 12.6 billion.
• Total shareholders’ equity AED 5.5 billion.

Dubai, April 22, 2008: The Union Properties PJSC 15th Annual General Meeting will be held today, April 22. The Board of Directors are pleased to announce the Q1 Results for 2008. Net profit for Q1 2008 grew by 70% compared to Q1 2007 and 12% compared to Q4 2007. Revenue for Q1 2008 reached AED 944 million and net profit stood at AED 238 million (AED 0.086 per share for Q1 2008 compared to AED 0.051 per share for Q1 2007). The quarterly results include gain on sale of investment properties amounting to AED 154 million in line with the Company’s strategy to offload aged assets and change the structure of its investment properties portfolio.  No gain on valuation of investment properties was booked during Q1 2008.

Total assets and shareholders’ equity continued to grow and stood at AED 12.6 billion and AED 5.5 billion respectively as of March 31, 2008, growing by 48% and 17% compared to March 31, 2007. Development and investment properties comprised 63% of total assets and stood at AED 7.9 billion at the end of Q1 2008, growing 61% over Q1 2007

Reported By : Union Properties
Reported on : 22-Apr-08