Media ININ Economy We Trust
Media IN DUBAI, 13th July 2019 (WAM)
Union Coop, reported a 20% growth in net profit for the first half of 2019, compared to the previous year. The net profit for 2018 was AED 237.7 Million, whereas 2019 reported AED 284.6 Million net profit, which is a surge of AED 46.9 Million.
The CEO of Union Coop – Khalid Humaid Bin Diban Al Falasi said that the increase in net profit was parallel to Union Coop’s effort to reduce the prices of its products.
The price reductions on products for the first half of the year amounted to AED 268.5 Million, which is 18.63% more price reductions compared to the same period of the previous year of 2018.
It has beeen achieved as a result of products price reduction and promotions we released to reduce the burden on consumers and guide the market to reduce the prices as well, as Union Coop became an influencer in the retail market prices.
The performance reflected positively on consumers in terms of price cuts of 18.63% and on shareholders in terms of higher profits by 20%.
The Union Coop played a key role in supporting the nation’s economic growth and development as evident from the financial performance of 2019 first half, which exceeded expectations despite the economic challenges afflicting the retail market.
Union Coop’s total revenue reported a growth of 1.6% i.e. from AED 1.429 Billion in the first half of 2018 to AED 1.452 Billion in 2019, signifying an improvement of AED 23 Million.
The growth of profit coincided with a significant reduction in expenses. The total cost and expenses showed a decline of 2% in form of AED 23.591 Million, from AED 1.191 Billion in 2018 to AED 1.168 Billion in 2019. The improvement was a result of creative ideas which reduced costs while maintaining the efficiency of performance.
