AED 387 Million Reported as Net Profit for Nine months.
Union Coop Reports 16% Growth in Net Profit for Q3 – 2019
Union Coop expects investments exceeding AED 2.13 Billion through 18 projects in the next four years.
Prepared by: Benoi Nair
Photographer: Sultan Almarzooqi
Union Coop, reported a 16% growth in net profit until the end of the third quarter of 2019, compared to the same period of the previous year, which is an increase of AED 54.3 million, from AED 332.3 million in 2018 to AED 386.6 million in 2019.
Commenting on Union Coop’s performance, the CEO ‘H.E. Khalid Humaid Bin Diban Al Falasi’ said: “Union Coop plays a key role in supporting the nation’s economic growth and development as evident from the financial performance of 2019 until end of third quarter, which shows record growth in profit.”
Union Coop’s recent performance has been a significant improvement when compared to last year same period, as Al Falasi explained in his statement: “Union Coop’s total revenue reported a growth of 2% i.e. from AED 2.073 Billion until the end of third quarter of 2018 to AED 2.112 Billion in 2019, signifying an improvement of AED 39 Million.”
The growth of profit coincided with a reduction in expenses as well, as Al Falasi points out: “The total cost and expenses showed a decrease of 1% equals to AED 15 Million, from AED 1.740 Billion in 2018 to AED 1.725 Billion in 2019,” Al Falasi credits this improvement was a result of creative ideas which reduced costs while maintaining the efficiency of performance.
The CEO also pointed out that the number of Union Coop projects for the next four years is 18 projects, which will account to an investment of more than AED 2.13 Billion according to the estimated budget, which will amplify Union Coop’s presence and competitiveness in the UAE markets.
“All this was possible due to Union Coop’s interest in achieving the aspirations of the wise leadership led by H.H. Sheikh Khalifa bin Zayed Al Nahyan the President of the UAE and H.H. Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE, and ruler of Dubai, to achieve a sustainable national economy,” concluded Al Falasi.