Dubai: Union Coop, one of the largest consumer cooperatives in the region, has announced a significant increase in its profits, reporting Dh 163.1 million for the first half of 2024, a 21 per cent increase from the same period last year, which stood at Dh 135.3 million.
The rise in profits is primarily attributed to a 5 per cent growth in revenue, which increased to Dh 962.3 million in the first half of 2024, compared to Dh 915 million in the same period of 2023. The company also reported a 34 per cent surge in pre-tax profits, reaching Dh 181.7 million, compared to Dh 135.3 million in the previous year.
This impressive performance is further supported by a significant increase in other revenues, which grew by 94 per cent to Dh 6.2 million, up from Dh 3.2 million in the first half of 2023. Additionally, finance income rose by 75 per cent, reaching Dh 1.4 million, compared to Dh815.500 in the same period last year.
Operational income also saw a 3 per cent rise, totalling Dh 312.5 million, compared to Dh 303.5 million in the same period last year. This increase was driven by a 28 per cent reduction in employee costs and a 24 per cent decrease in repair and maintenance expenses compared to the first half of 2023.
