Dubai: Union Coop announced a distribution of cash dividends of 22 per cent and 5 per cent return on shareholder purchases during its general assembly meeting, it said on Thursday.
“The return on shareholders’ purchases will be distributed to the shareholders in the form of discounts on their purchase invoices by 25 per cent 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 company said in a statement.
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 December 31, 2022
Union Coop Chairman Majid Hamad Rahma Al Shamsi said that the cooperative achieved a net profit of Dh396.2 million despite economic challenges, intense market competition, a price reduction of more than 75 per cent and Tamayaz card offers of up to 90 per cent.
He also revealed that the cooperative registered total sales of Dh2.017 billion in 2022, thereby making a total revenue of Dh2.047 billion, while the total expenses amounted to Dh1.650 billion for the same period.
He explained that shareholder equity reached Dh3.011 billion by the end of 2022, with the number of shareholders reaching 36,808 in the year 2022 from 36,659 in 2021.