Union Properties (UPP) has managed to turn its nightmare storyline towards a happier trajectory.
After recording a loss of AED 224.3m in 2019, the real estate development company managed to achieve a net profit of AED 200.1m in 2020 (yay!).
This was an intentional change in course, though.
Back in October, Union Properties announced it paid the totality of a AED 70m loan to its biggest lender. Its board also recently approved the sale of a 40% stake in its subsidiary Dubai Autodrome. Both moves were part of a larger restructuring plan that contributed massively to their impressive turnaround, allowing them to swing back to profits.