Dividend Approved After Long Period

Union Properties has announced its first dividend payout in over a decade, a significant step in its ongoing turnaround. The decision, approved at the Annual General Meeting (AGM) on April 7th, reflects growing investor confidence. The AGM achieved quorum for the first time in six years, with 68% shareholder participation, a clear indicator of renewed trust in the company's performance and future strategy.

Shareholders approved a cash dividend of AED 3 fils per share, marking the first distribution in 11 years. This move underscores the company's improved financial standing after years of restructuring and operational adjustments. The AGM also saw the election of a new Board of Directors for a three-year term, with key members including Shaikh Nasser Rashid Almoalla and Mohamed Fardan Al Fardan.

Chairman Mohamed Fardan Ali Al Fardan highlighted the company's strong financial results, including a 39.4% year-on-year revenue increase to Dh736.9 million. Operating profit rose to Dh240.7 million, and cash reserves reached Dh494.2 million, demonstrating a robust liquidity position. CEO Amer Khansaheb emphasized that the dividend approval signifies the beginning of a new phase focused on financial discipline and long-term shareholder returns.