Dubai-based developer Union Properties recorded a net profit of 70.2 million Emirati dirhams ($19 million) for 2001, compared to Dh 52.1 million for 2000. The company distributed seven percent dividends on an equity capital of Dh 639.9 million, reported the official WAM news agency.
Earnings per share dropped from Dh 1.17 to Dh 1.1 in 2001 due to the increase in the equity capital. The dividend will take amounted to Dh 44.792 million compared to Dh 41.9 million distributions for 2000.
Union Properties was set up in 1986 to manage the properties of Emirates Bank International. The group has an alliance with electromechanical services provider Thermo LLC, and Gmamco. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
