Local stock markets achieve 13 billion dirhams of gains in conjunction with the listing of the "cooperative" shares

The share of “Union Coop” grabs 7.6% of the liquidity of “Dubai Financial”

Officials of the "Union Coop" and the Dubai Financial Market during the ceremonial ringing of the start of trading bell.

From the source

The value of trading on the "Union Cooperative" share on the Dubai Financial Market yesterday amounted to 15.8 million dirhams, equivalent to 7.6% of the value of the total liquidity traded in the market, which amounted to 208.64 million dirhams, at the end of the transactions of the first trading day in the market.

The volume of traded shares of the stock amounted to about 4.52 million shares, representing 5.48% of the trading volume in the market, which amounted to 82.45 million shares.

market gains

The local stock markets continued their gains at the conclusion of yesterday’s session, in conjunction with the listing of the shares of “Union Cooperative” on the Dubai Financial Market, to exceed the gains of local shares at the end of yesterday’s session 13 billion dirhams, with the market value increasing from 2.465 trillion dirhams at the end of last Friday’s session to 2.478 Trillion dirhams at the end of trading yesterday.

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The Dubai Financial Market welcomed the listing of the shares of Union Coop, the first consumer cooperative in the UAE to take this step, in implementation of the Cabinet’s decision regarding trading the shares of cooperative societies in the country’s financial markets. The market commencement bell, in the presence of Hamed Ali, CEO of the Dubai Financial Market and Nasdaq Dubai.

Members' interests

Khalid Al Falasi, CEO of Union Coop, said: "The listing on the Dubai Financial Market reflects our keenness to enhance the protection of the interests of members, by providing a systematic, effective and transparent mechanism for the trading of (Union Coop) shares."

He added, "We are determined to achieve the maximum possible benefit from our presence in the capital market, both in terms of enabling (Union Cooperative) to benefit from the employment of the many components of the capital markets."

Market development

For his part, CEO of the Dubai Financial Market and Nasdaq Dubai, Hamed Ali, welcomed the listing of Union Coop, describing it as an important step in line with the efforts to implement the strategy of developing financial markets in Dubai, and the endeavors of the Dubai Financial Market to diversify investment opportunities.

He said: "This listing will enable investors to participate in the remarkable success story of one of the most prominent consumer cooperatives in the country in particular, and the retail sector in general, which is of great vitality and importance within the economic system in Dubai."

"Cooperative" strategy

Union Coop's strategy focuses on increasing profits and returns for shareholders, by raising the level of sales and revenues.

The work of the Union Coop has witnessed a remarkable expansion during the past years, as it was launched through only two branches in 1984, bringing the number of its branches in 2021 to 24 branches, in addition to four shopping centers.

The number of its members reached 36,659 at the end of 2021, compared to only 315 in 1984.

3 billion dirhams value of shareholders' equity

Union Coop is one of the largest consumer cooperatives in the country, and the total value of its shareholders' equity has exceeded three billion dirhams.

Tawuniya has had a track record of achievements and operational and financial excellence since 1984, achieving a cumulative annual growth rate of 20.5% for net profits between 1984 and 2021, while the cumulative annual growth rate for sales reached 16.85%.

The "Cooperative" also recorded a 2.6% increase in its net profit during the first quarter of 2022, reaching 116.5 million dirhams, knowing that its net profits amounted to 413 million dirhams during 2021, with a profit margin of 21%.

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