Union Coop has announced its financial results for the first half of 2024, reporting a 5% increase in revenue and a significant 32.3% growth in net profits compared to the same period last year.
The cooperative’s profits for H1 2024 reached AED 200 million, a reflection of successful strategic initiatives that have enhanced both profitability and revenue across its sectors.
The cooperative’s total revenue for H1 2024 grew to AED 1.282 billion, driven by a 3% increase in retail sales to AED 1.135 billion and a 10.6% rise in investment sector revenue to AED 79 million. Pre-tax profit margins stood at 16% of total revenue, with net profit after tax rising by 20.6% to AED 163 million, even after accounting for new corporate taxes of AED 18.6 million.
Union Coop’s operational performance also showed significant improvements, with 612,000 downloads of its mobile app by mid-year and the loyalty program expanding to 990,079 cardholders. The cooperative further expanded its footprint with the opening of a new branch in the Silicon Oasis commercial center.
In addition to its financial success, Union Coop demonstrated its commitment to community welfare by increasing its spending on social, educational, security, and charitable activities to AED 12 million, up from AED 9 million in the same period last year.
Chairman Majid Hamad Rahma Al Shamsi and CEO Mohamed Al Hashemi both highlighted the cooperative’s strong operational and strategic execution, emphasizing its leadership in the consumer cooperative sector and ongoing efforts to innovate and explore new markets to meet shareholder and customer expectations.
Union Coop’s robust performance in the first half of 2024 underscores its continued focus on operational excellence, strategic growth, and community contributions, positioning it as a leader in the UAE’s retail sector.
News Source: Emirates News Agency
