The General Assembly of the Union Cooperative decided to distribute 24% cash dividends, in addition to distributing 6% return on shareholders ’purchases for the cooperative’s business for the fiscal year 2019.
This came during the 38th ordinary general assembly meeting, which was held using the technique of electronic attendance and electronic remote voting for the first time.
The Chairman of the Board of the Union Cooperative, Majed Hamad Rahmah Al Shamsi, said that the total profits distributed to shareholders for the last year amounted to 479.02 million dirhams, representing 93.4% of the net profits, pointing out that the cooperative achieved net profits for the year 2019, amounting to 512.88 million dirhams, a growth of 10% for Net profit for the year 2018, despite the economic challenges and intense competition between companies and the reduction of past prices from 2018 by more than 10% and offers of excellence card by 6%.