AED 223.2 million net profit of Union Coop in the first half

The cooperative owns 3 malls in Dubai.

From the source

Union Coop announced yesterday that it achieved net profits of about 223.2 million dirhams during the first half of this year, a growth of 0.3%, compared to profits of 222.4 million dirhams recorded by the cooperative in the same period last year.

Tawuniya explained in a statement that the reason for the increase in profits is due to the good management and the permanent directives of the Board of Directors and the work team to reduce direct costs in greater proportions than the decrease in revenues.

She pointed out that cash in the fund and banks increased during the first half of this year by 18.5%, while the percentage of total assets increased by 2% compared to the same period in 2021.

The cooperative stated that it owns three shopping centers: (Al Warqa City Mall, Etihad Mall and Al Barsha Mall), in addition to a chain of stores under the name “COOP” and 23 branches, as well as managing and operating one shopping center (Al Barsha South First) and operating Umm Al Quwain Cooperative.

She stressed that increasing profits, achieving good profits, and maintaining the level of economic performance of the Cooperative in the Emirate of Dubai, reflects the cooperative's keenness to enhance the protection of the interests of members, by providing a systematic, effective and transparent mechanism, and by disclosing the numbers it achieves on an ongoing and periodic basis.

She also confirmed that the disclosure of financial results despite all challenges, serves to highlight its effective role in the retail sector in the emirate and the country in general, which is characterized by vitality and great importance within the economic system in Dubai, pointing out that it has been seeking since its inception to increase profits and returns for shareholders, by raising level of sales and revenue.

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