Union Coop, Dubai’s leading retailer, has posted strong financial results for 2024, with a 5% increase in total revenue and an 18% jump in profit. A major factor in this success is the continued growth of its Tamayaz loyalty program, which now boasts over one million cardholders.
The Tamayaz loyalty program saw a major increase, with over 1 million cardholders, helping to boost customer satisfaction and retention. This program has become a key part of Union Coop’s strategy to keep customers engaged and loyal to the brand.
This initiative has significantly boosted customer engagement, contributing to both the company’s impressive financial performance and its ability to stay connected with its community.
Financial performance
Union Coop recorded total revenue of Dhs 2,491 million for the year, with Dhs 1,854 million coming from retail operations and Dhs 637 million from other activities. Profit before tax reached Dhs 348 million, marking an 18% increase from the previous year’s Dhs 297 million. These results reflect the retailer’s continued growth and its ability to adapt to changing market demands.
Digital transformation
In 2024, Union Coop made significant strides in its digital transformation. Its Smart App saw strong growth, attracting 203,000 users by the end of the year, which helped improve its digital presence and broaden its reach to customers.
Charitable initiatives
Union Coop also remains focused on its corporate social responsibility (CSR) efforts, with Dhs 19.5 million allocated to support various community, educational, and charitable programs across Dubai. The company is dedicated to creating a positive impact on society while contributing to sustainable development.
Mr. Mohamed Al Hashemi, Union Coop’s CEO, shared his thoughts on the company’s performance: “We are proud of the strong financial results we achieved in 2024, which demonstrate our dedication to long-term success and shareholder value. The growth of our Tamayaz program has been particularly rewarding, helping us connect with even more customers. By embracing digital tools and maintaining our commitment to the community, we are preparing Union Coop for future growth and impact. We’re excited to continue expanding and enhancing the customer experience in the years ahead.”
Looking forward, Union Coop plans to continue expanding its market presence while leveraging technology to further enhance its customer offerings. With a strong focus on community engagement and sustainability, the company is set to lead the way in Dubai’s evolving retail landscape.
tanvir@dubainewsweek.com
