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Union Coop posts 16pc rise in 9-month net profit

DUBAI, November 3, 2019

Dubai-based Union Coop, a leading retail company, has posted net profit of Dh386.6 million ($105.2 million) for the first nine months (9m) of the year as against a net profit of Dh332.3 million in 9m 2018, marking an increase of 16 per cent.

Khalid Humaid Bin Diban Al Falasi, CEO of Union Coop said: “Union Coop plays a key role in supporting the nation’s economic growth and development as evident from the financial performance of 2019 until end of third quarter, which shows record growth in profit.”

“Union Coop’s total revenue reported a growth of 2 per cent i.e. from Dh2.073 billion until the end of third quarter of 2018 to Dh2.112 billion in 2019, signifying an improvement of Dh39 million.

“The total cost and expenses showed a decrease of 1 per cent equals toDh15 Million, from Dh1.740 billion in 2018 to Dh1.725 billion in 2019,” he added.

Al Falasi credited this improvement was a result of creative ideas which reduced costs while maintaining the efficiency of performance.

The CEO also pointed out that the number of Union Coop projects for the next four years is 18 projects, which will account to an investment of more than Dh2.13 billion according to the estimated budget, which will amplify Union Coop’s presence and competitiveness in the UAE markets. – TradeArabia News Service




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