Union Properties, a Dubai-based real estate developer, has said that it has recorded a net profit of $40 million for the first nine months of 2018, as compared to a net loss of $626 million for the same period last year.

In a statement announcing the results, the developer said that the profits were achieved as a result of the board of directors’ new strategy for the company, which aims to expand and enhance recurring revenues and profits from financial investments.

Property management and sales revenues increased by 46% to $30.5 million, compared to $20.8 million for the same period in 2017. Other operating revenue also increased to $75.6 million, as compared to $73.4 million for the same period last year, Union Properties added.

It stated that gain on financial instruments increased by 375% to $1.55 million in this year, compared to $326,695 for the same period in 2017. The Emirati developer added that its total income surged 18% to $167.9 million in 2018 from last year’s figure of $142.6 million.

This income does not include gains or losses on revaluation of investment properties, it added.