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Tuesday, May 30, 2023
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Union Coop nets $108m by 2022; sets 22pc cash dividend


Union Coop achieved a net profit of AED 396.2 million (US$ 108 million) in 2022 despite economic challenges, fierce market competition, price cuts of more than 75% and discounts of up to 90% on the Tamayaz card.

As a result, Union Coop declared a 22% cash dividend and a 5% return on shareholder purchases.

This was decided at the 41st General Assembly of the Union Coop in Dubai. During the meeting, the General Meeting of Shareholders approved the report of the Board of Directors, the results of the audit work, the balance sheet and the income statement for the financial year ending December 31, 2022.

Discount

Shareholders’ purchase returns will be distributed to shareholders in the form of purchase invoice discounts. When the purchase return amount is greater than the value of the purchase invoice, shareholders’ purchase returns will be distributed at a 25% discount until the shareholders’ purchase returns are fully returned. Cargo invoice. Allocated shareholder purchases through April 12, 2023 are included.

The cooperative’s total sales in 2022 will be AED 2.06 billion (US$ 560 million), compared to a total expenditure of AED 1.65 billion in the same period.

By the end of 2022, shareholders’ equity will reach AED 3.011 billion, and the number of shareholders will increase from 36,659 in 2021 to 36,808 in 2022, with 149 new shareholders.

The 0.4% increase in the number of shareholders can be attributed to the consumer base and their confidence in Union Coop and the benefits of its services.

community work

Majid Hamad Rahma Al Shamsi, Chairman of Union Coop, said: “Union Coop has spent approximately AED 21.42 million on community contributions in 2022, which is in line with the cooperative’s strategy of excellence in delivering social services and emphasizing its strengths in community service, engagement and participation role. To promote social development and national progress.” — trade arab news agency



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