Dubai PR Network, Online Press Release from Dubai and Middle East
 
Business, Banking and Investments(Banking & Investments)
Filter PR by
  
Union Coop Reports 20% Growth in Net Profit for the First half of 2019
 
Union Coop Reports 20% Growth in Net Profit for the First half of 2019

 AED 284.6 Million Reported as Net Profit for the first half of 2019

Dubai, United Arab Emirates -  13July  2019:   Union Coop, reported a 20% growth in net profit for the first half of 2019, compared to the previous year. The net profit for 2018 was AED 237.7 Million, whereas 2019 reported AED 284.6 Million net profit, which is a surge of AED 46.9 Million. 

Commenting on the latest revelation, the CEO of Union Coop – H.E. Khalid Humaid Bin Diban Al Falasi said, “The increase in net profit was parallel to Union Coop’s effort to reduce the prices of its products.

The price reductions on products for the first half of the year amounted to AED 268.5 Million, which is 18.63% more price reductions compared to the same period of the previous year of 2018. It has be achieved as a result of products price reduction and promotions we released to reduce the burden on consumers and guide the market to reduce the prices as well, as Union Coop became an influencer in the retail market prices.”

Al Falasi attributes Union Coop’s performance to the efforts of Board of Directors and Executive Management at all levels “Union Coop’s strong performance in the first half of 2019 is due to the extensive efforts of the Board of Directors, in addition to the diligent efforts deployed by the executive management and employees at all levels, Divisions, departments and sections, who aim to reach the top position in all spheres through deliberate planning, careful implementation, perseverance and determination. This performance reflected positively on consumers in terms of price cuts of 18.63% and on shareholders in terms of higher profits by 20%,”

He stressed that “Union Coop plays a key role in supporting the nation’s economic growth and development as evident from the financial performance of 2019 first half, which exceeded expectations despite the economic challenges afflicting the retail market.”

 Union Coop’s total revenue reported a growth of 1.6% i.e. from AED 1.429 Billion in the first half of 2018 to AED 1.452 Billion in 2019, signifying an improvement of AED 23 Million. 

The growth of profit coincided with a significant reduction in expenses as well, as Al Falasi points out: “The total cost and expenses showed a decline of 2% in form of AED 23.591 Million, from AED 1.191 Billion in 2018 to AED 1.168 Billion in 2019,” Al Falasi credits this improvement was a result of creative ideas which reduced costs while maintaining the efficiency of performance. 

“All this was possible due to Union Coop’s interest in achieving the aspirations of the wise leadership led by H.H. Sheikh Khalifa bin Zayed Al Nahyan the President of the UAE and H.H. Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE, and ruler of Dubai, to achieve a sustainable national economy,” concluded Al Falasi.  


Posted by : Dubai PR Network Editorial Team
Viewed 7186 times
PR Category : Banking & Investments
Posted on : Saturday, July 13, 2019  12:55:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : SHUAA Capital shareholders approve transformational transact...
Next Story : Empower launches “Intelligent Delta- T Analyzer and Detector...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Look after your body & enjoy nourished skin from Local, Homegrown Company, The Simplicity ... [7155-Views]
China's Latest Moves in Ip Protection Leads to Unprecedented Legal Judgement for Swedish S... [5161-Views]
Time for tennis - Ugo Humbert joins Rado YoungStars [5154-Views]
Karama gets crowned. Once more. [4618-Views]
Stack It Up With Shack Stack Now in the UAE! Shake Shack is All About Upping the Burger Ga... [4209-Views]
Steve Madden Celebrates Brand's 30th Anniversary In Dubai [4203-Views]
Al Tayer Motors launches the new Maserati Quattroporte SQ4 Zegna PELLETESSUTA™ at the Duba... [4185-Views]
American Eagle Launches It's Holiday'19 Collection [4136-Views]
PCFC discusses wider horizons for trade and logistic services with Dubai business groups [4002-Views]
The "Karl Legend" Collection [3971-Views]
Monochromatic Denim [3916-Views]
The perfect Watch from Beach to Tux [3758-Views]
Al Tayer Motors Opens Magnificent New Maserati Showroom In Dubai [3745-Views]
Parmigiani Fleurier Tonda Chronor Slate [3733-Views]
Hamdan bin Mohammed leads first Dubai Run on Sheikh Zayed Road featuring 70,000 participan... [3605-Views]
Emirati Musicians, International Composers & the Royal Philharmonic Orchestra in Harmony F... [3599-Views]
National Geographic Abu Dhabi Provides an Unprecedented Look into Makkah's Sprawling Hospi... [3587-Views]
Massive Diabetes Awareness and Management Drive in Ras Al Khaimah to screen thousands [3550-Views]
Humans in Space Symposium discusses what it takes to be an astronaut [3489-Views]
Accor's role as Makkah's leading pilgrim hospitality services provider showcased in Nation... [3453-Views]
Redefine Your Winter Wardrobe with REDTAG! [3428-Views]
P&O Marinas and Fabulous Yachts Announce the 3rd Edition of the International Superyacht ... [3331-Views]
Dubai Design Week and the first Rado Star Prize UAE [3312-Views]
‘Carpet of Tolerance' created by Hands and Senses revealed at Downtown Design, Dubai [3282-Views]
SmartCrowd, MENA's Only Regulated Real Estate Investments Platform Graduates from DFSA's I... [3276-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories