Dubai, UAE:
Dubai-based popular retailer ‘Union Coop’ during its 43rd General Assembly Meeting has approved a cash dividend of 14% on the existing capital and a 5% return on shareholders’ purchases from the cooperative for the year 2024.
The 43rd edition of the annual meeting was held at the Mohammed Bin Rashid Library, wherein the General Assembly approved the Board of Directors’ report for the year 2024, the audited financial statements for the fiscal year ending December 31, 2024, Balance Sheet and the Income statement for the same period.
Union Coop recorded a profit of AED 374.6 million in 2024 before tax, Board member remuneration, and community contributions, reflecting an 18% growth compared to AED 316.8 million in 2023. After tax, the company achieved a net profit of AED 314.5 million in 2024, marking a 6% increase from AED 296.8 million in 2023.
Union Coop reported a gross revenue for 2024 as AED 2.49 billion, whereas an amount of AED 19.5 million was allocated towards CSR efforts.
The meeting included a review of the cooperative’s future plans and responses to inquiries, comments, and questions from shareholders, both in attendance and remotely, regarding the cooperative’s operations. Additionally, it covered the latest completed projects, ongoing projects, future initiatives, and projects currently in the design phase as well.
For the convenience of the shareholders, the option of attending the meeting virtually was also available.