RIYADH: Shares in Dubai-listed Union Properties dropped almost 4.5 percent in Tuesday’s trading session, after turning to losses in 2021.
Net loss for the year stood at 903 million dirhams ($245 million), compared to a profit of 185 million dirhams a year earlier, according to a company statement.
The group’s assets fell by 1.54 billion dirhams year-on-year, and shareholders’ equity was down by 903 million dirhams.
The company, which is the developer of Motor City in Dubai, did not give further information on how it achieved its financial results during 2021.