During its 41st General Assembly meeting held in Dubai, Union Coop announced a distribution of cash dividends of 22% and 5% return on shareholder purchases.

The return on shareholders’ purchases will be distributed in the form of discounts on their purchase invoices by 25% when the amount of the return on purchases is greater than the value of the purchase invoice until the full amount of the return on the shareholder’s purchases allocated is covered, as of April 12, 2023.

The 41st General Assembly Meeting was held at the Mohammed Bin Rashid Library. During the meeting, the general assembly approved the Board of Directors’ report, the results of the audit works, the balance sheet and profit/loss statement for the financial year ending on December 31, 2022.

Union Coop Tamayz card

The Chairman of Union Coop, Majid Hamad Rahma Al Shamsi said that the Cooperative achieved a net profit of Dhs396.2 million despite economic challenges, intense market competition, a price reduction of more than 75% and Tamayaz card offers of up to 90%.

The chairman further revealed that the Cooperative registered total sales of Dhs2.017 billion in 2022, thereby making total revenue of Dhs2.047 billion, while the total expenses amounted to Dhs1.650 billion for the same period.

He explained that the shareholder equity reached Dhs3.011 billion by the end of 2022, with the number of shareholders reaching 36,808 in the year 2022 from 36,659 in 2021 i.e. reporting an increase of 149 new shareholders. The 0.4% increase in shareholders can be attributed to the consumer base and their confidence in Union Coop and the benefits from its services.

Community contributions

Regarding Union Coop’s CSR activities and community contributions, Al Shamsi said, “Union Coop spent about Dhs21.42 Million during 2022 on community contributions, in line with the Cooperative’s strategy of excellence in providing social services, and emphasizing its role in community service, participation in social development and advancement of the nation.”

The general assembly meeting started with the UAE National Anthem and recitation of verses from the Holy Quran, which was followed by a video package highlighting Union Coop’s achievements, an overview of the cooperative’s growth graph since its inception, strategic expansion reaching to 26 branches and 6 shopping centers, in addition to recently completed projects and the projects that are under design and construction phase.

tanvir@dubainewsweek.com

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