Union Properties approves first dividend in 11 years as AGM meets quorum

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.

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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.

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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.