Union Coop will allows UAE citizens to buy shares
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Dubai: The hypermarket operator Union Coop recorded a 20 per cent growth in net profit — or a near Dh50 million in value terms — for the first six months of 2019, totalling Dh284.6 million against Dh237.7 million.

According to a senior official, the gains came through even as the chain working on price reductions across its merchandise.

“The price reductions for the first-half of the year amounted to Dh268.5 million, which is 18.63 per cent more compared to the same period of 2018,” said Khalid Humaid Bin Diban Al Falasi, CEO.

“It has been 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. Union Coop became an influencer in retail market prices.

“The total cost showed a decline of 2 per cent in the form of Dh23.59 million, from Dh1.19 billion in 2018 to Dh1.16 billion in 2019.”

Revenues for the period was 1.6 per cent up, from Dh1.42 billion in the first-half of 2018 to Dh1.45 billion.