Union Properties approves first dividend in 11 years

08/04/2026 06:54 AST

In a landmark decision, shareholders of Union Properties PJSC have approved the distribution of a cash dividend of 3 fils per share, marking the company's first dividend payout in 11 years.

"The reinstatement of dividends represents a clear signal of the Company's financial strength, improved cash position, and renewed capacity to deliver consistent shareholder returns following a multi-year transformation," a statement said.

For the first time in six years, the company's Annual General Meeting (AGM) successfully convened on first quorum, with 68 per cent shareholders attending.

The AGM, held on Tuesday, April 7, also marked the election of a Board of Directors for the next three-year term.

During the meeting, Mohamed Fardan Ali AlFardan, chairman of the board of directors of Union Properties, highlighted the company's robust financial performance. Total revenue reached Dh736.9 million, representing a 39.4 per cent increase compared to Dh528.7 million in 2024. Operating profit has risen to Dh240.7 million, up from Dh161.8 million in 2024, while cash reserves climbed to Dh494.2 million, reflecting one of the strongest liquidity positions in recent years.

Eng. Amer Khansaheb, CEO and Board Member of Union Properties, stated: "The approval of our first dividend in over a decade marks a defining moment for Union Properties and a clear validation of the progress we have made over the past 4 years. This milestone, alongside the appointment of a Board, signals the beginning of a new era for the Company, one grounded in financial strength, disciplined execution, and a clear commitment to delivering sustainable, long-term returns for our shareholders."

Khaleej Times