GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share

During the Annual General Assembly meeting 38- Fiscal year 2019
 

 

Dubai, United Arab Emirates, April 02, 2020:   The General Assembly of Union Coop – the largest Consumer Cooperative in the UAE, distributed dividend at 24%, in addition to 6% return on shareholder purchases and so on for the Union Coop business for the fiscal year 2019. This announcement was made during the 38th General Assembly meeting, which was held online using a remote-attendance and voting system for the very first time. 


H.E. Majid Hamad Rahma Al Shamsi, Chairman of Union Coop said: “The total profit distributed to the shareholders for the year 2019 amounted to AED 479.02 Million, and it accounts to 93.4% of the net profit, explaining that Union Coop achieved a net profit of AED 512.88 Million, which is a 10% growth compared to the net profit of the year 2018. We achieved this result despite economic challenges, stiff market competition between companies, with more than 10% price reduction in 2019 from 2018, in addition to 6% reductions due to Tamayaz card offers.”


Al Shamsi further added: “The General Assembly this year decided not to distribute bonus shares, to preserve the profitability of shares and strengthen their market value, in a way that works in the best interest of the shareholders and contributes to link the market value of the shares to the organization performance.”

 

2019 Total Sales – AED 2.3 Billion 


“Union Coop maintained a total sales of AED 2.297 Billion in the year 2019,” said Al Shamsi, referring to the profit margin (net profit to sales) reached 24.5%, which is the highest rate since 2014, while the return on capital (net profit to capital) reached 29% and the return on equity (net profit to equity) 16%. The Union Coop assets grew during the year 2019 by 15% to exceed AED 3.7 Billion.”
“Union Coop maintained its total revenue for the year 2019 of AED 2.349 Billion, while the total expenses decreased by 2.4%,” added Al Shamsi. 

 

35, 000 Shareholders 


“The number of shareholders in Union Coop increased to 35, 112 by the end of 2019, with an increase of 4.7% compared to the year 2018,” said Al Shamsi, noting that the shareholders' equity before profit distribution increased from AED 2.840 Billion in 2018 to AED 3.184 Billion in 2019, which is an increase of 12%, thereby strengthen the financial position of Union Coop and its capability of expansion and development.  


AED 34.93 Million in Community contributions


On Union Coop's role in Community Contribution and Social Service, Al Shamsi said: “In 2019, Union Coop spent about AED 34.93 Million on community contributions, in line with Union Coop's strategy of excellence in providing social services and confirming our role in serving the community. Additionally, participating in the social development and advancement of the community.” 


Emiratization


Regarding Emiratization, he stated, “The number of Emiratis working in Union Coop by the end of 2019 reached 423 employees, with an increase of 31% compared to 2018. The Emiratization percentage achieved by Union Coop is among the highest rates in the private sector,” explaining that Union Coop's strategy aims to retain and develop national cadres.” 



Posted by : GoDubai Editorial Team
Viewed 4084 times
Posted on : Thursday, April 2, 2020  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : BurJuman Video - #inthistogether #stayhome #staysafe
Next Story : Union Coop to Operate 24 Hours With All Goods Available
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
HONOR MagicBook Series is Perfect for Fashion Forward, Design Conscious Individu...
Vatika Launches Natural Hair Food, an Effective Solution for Dry Hair
Omega Announces Its Role as the Official Timekeeper of the 36th America's Cup
Foreo Reveals 5 Ways to De-Stress Your Skin
DTTAG New Executive Committee to Manage Post Covid 19 Return to Normalcy of Travel
The Best Omega Sunglasses For a Long-Awaited Summer
Emirates Post Unveils Modern New Website and Look
Ethical JLT Salon THT is Supporting those whose Jobs have been affected during ...
Urgent Implementation of ICAO COVID-19 Guidelines Needed
FEM Collaborates with Arab Comedian Maya Acra to Address the Taboo Around the To...
Sony Middle East & Africa Introduces New Digital Camera ZV-1, designed for Vlogg...
Karl Lagereld Drives Digital Innovation With Launch of the “Maison Karl Lagerfe...
Innovating to Fight COVID-19: Four Ways Drones are Contributing
Blue Ocean for Islamic Finance Industry
Commodity Weekly: Crude Oil Frets Geopolitics, Sluggish Demand Bounce
Ericsson's USA 5G Factory: Staffed by Professionals – Trained by VR
Airline Debt to Balloon by 28%
The Ultimate At-Home Facial
Twentieth “World Milk Day” Sees NFPC Innovate With New Products That Meet Changi...
Parmigiani Fleurier Toric Fleur
Al Tayer Motors and Premier Motors Honour UAE's COVID-19 Frontline Heroes
80th Anniversary of Maserati's Targa Florio Victory Maserati Tests an Mc20 Proto...
Sony Middle East and Africa and Gearbox team up to offer rental services of late...
WTTC Launches Safe Travels Protocols for Aviation, Airports, MICE and Tour Operators
Tips for Keeping Your Smartphone Clean
Al-Futtaim Technologies Implements Genesys Remote Working Solutions to Ensure Bu...
SEHA Develops Cutting Edge Self-sterilization System for Ambulances
The Legend Continues: Xiaomi Unveils Redmi Note 9 Pro and Redmi Note 9
Telenor, Sony and Ericsson Team to Develop Smart IoT Healthcare Devices
ATM Virtual to Focus on Potential Chinese Outbound Travel Market
Lincoln Aviator Presidential Takes on Bumps and Dips, Turning Every Trip into a ...
Increasing Use of Screen-Time Causing Eye Problems in UAE Students
Salvatore Ferragamo Launches New Eyewear Styles Inspired by the Iconic Vara Bow
Etihad Airways Launches Health and Hygiene Programme Championed by New Wellness ...
Kleindienst Group's Floating Seahorse Villas Are Setting Sail to Welcome Guests ...
Danube Group Chairman Files Case With Dubai Police Against Scam Star for Faking ...
Honeywell Announces Opening of Gas Detector Factory in Saudi Arabia
ATM Virtual Panel Advises Hoteliers not to Drop Room Rates, but to Focus on Sani...
Kingston Technology Ships 7.68TB Capacity for Industry-Leading High-Performance ...
Philips Foundation and Philips Middle East Join Forces with Lebanese Red Cross t...
A Taste of Tradition
How to Improve Your Sleep Routine When Working From Home
GEMS Innovation Awards 2020 Recognise Young Innovators after Virtual Showdown
Dubai's Contemporary Art Institution Jameel Arts Centre re-opens to the Public
Al Majid Motors Announces the Arrival of All-New Kia K5 Fastback Sedan in the UAE
Former UNWTO Secretary-General to speak at ATM Virtual
DGW holds meeting to review updated strategic plan aimed at supporting national ...
Debut Arabian Travel Market Virtual Event gets Underway Tomorrow
Glaucoma: Symptoms and Treatment
Ras Al Khaimah Government Launches Integrated Stimulus Package to Support the Em...