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COMMERCIAL NEWS

Union Coop makes 2022 net of $108m; sets 22pc cash dividend

Mar 23, 2023 2:48 PM

Union Coop has achieved a net profit of AED396.2 million ( 108 million) in 2022 despite economic challenges intense market competition a price reduction of more than 75% and Tamayaz card offers of up to...

Union Coop has achieved a net profit of AED396.2 million ($108 million) in 2022 despite economic challenges, intense market competition, a price reduction of more than 75% and Tamayaz card offers of up to 90%.
 
Consequently, Union Coop announced distribution of cash dividends of 22% and 5% return on shareholder purchases.
 
This was decided at Union Coop’s 41st General Assembly meeting held in Dubai. During the meeting, the general assembly approved the Board of Directors’ report, the results of the audit works, the balance sheet and profit/loss statement for the financial year ending on December 31, 2022.
 
Discounts
The return on shareholders’ purchases will be distributed to the shareholders in the form of discounts on their purchase invoices by 25% when the amount of the return on purchases is greater than the value of the purchase invoice until the full amount of the return on the shareholder’s purchases allocated is covered, as of April 12, 2023.
 
The cooperative made total sales of AED2.06 billion ($560 million) in 2022 while the total expenses amounted to AED1.65 billion for the same period.
 
Shareholder equity reached AED3.011 billion by the end of 2022, with the number of shareholders reaching 36,808 in the year 2022 from 36,659 in 2021, reporting an increase of 149 new shareholders. 
 
The 0.4% increase in shareholders can be attributed to the consumer base and their confidence in Union Coop and the benefits from its services.
 
Community work
The Chairman of Union Coop, Majid Hamad Rahma Al Shamsi said: “Union Coop spent about AED21.42 million during 2022 on community contributions, in line with the Cooperative’s strategy of excellence in providing social services, and emphasising its role in community service, participation in social development and advancement of the nation.”-- TradeArabia News Service
 
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