Union Properties (UP) reported its financial results for 2Q16. Revenue was up 24.4% Y-o-Y to AED164.6mn, while net income almost tripled, coming in at AED71.7mn (1Q15: AED19.3mn), driven by the revenue growth and higher revaluation gains (1Q16: AED164.6mn, 1Q15: AED121.4mn). 1H16 revenue was AED319.0mn (+6.7% Y-o-Y), whilst net income went up by 140% Y-o-Y to AED113.8mn. The growth in 1H16 net income was brought in by higher revenue, higher revaluation gains (+20.0% Y-o-Y to AED165.67mn, which were mostly booked in 2Q16), and lower finance charges. (Company disclosure)