Dubai: Union Properties has approved its first dividend payout in more than a decade after its Annual General Meeting (AGM) met quorum for the first time in six years, marking a key milestone in the company’s turnaround efforts.
Get updated faster and for FREE: Download the Gulf News app now - simply click here.
The AGM, held on April 7, saw 68% shareholder participation, allowing proceedings to be completed on first quorum, a level not achieved since 2020. The company said the turnout reflects improved investor confidence in its performance and future direction.
Shareholders approved a cash dividend of AED 3 fils per share, the first distribution in 11 years. The move signals a strengthened financial position and a return to shareholder payouts following several years of restructuring and operational changes.
Sign up for our daily business newsletter, Cheques & Balances.
A new Board of Directors was also elected for a three-year term. The board includes:
Shaikh Nasser Rashid Almoalla
Mohamed Fardan Al Fardan
Amer Abdulaziz Khansaheb
Ahmed Salem Alhosani
Ahmad Bin Mohammad Al Qassimi
Khaled Nasser Al Shamsi
Rana Abdelkarim Shashaa
During the meeting, chairman Mohamed Fardan Ali Al Fardan highlighted the company’s financial performance, with revenue rising 39.4% year-on-year to Dh736.9 million, compared to Dh528.7 million in 2024.
Operating profit increased to Dh240.7 million from Dh161.8 million, while cash reserves reached Dh494.2 million, reflecting a stronger liquidity position.
Chief executive Amer Khansaheb said the dividend approval reflects progress made over recent years and marks the start of a new phase focused on financial discipline and long-term returns.
The outcomes of the AGM point to a shift in the company’s strategy, with an increased focus on governance, profitability, and consistent shareholder returns.
