“The contribution of 31, 000 families come to light as Union Coop revenue soars to Dirhams 3 Billion in 2017” – Khaled Humaid Bin Dhiban Al Falasi
Prepared By: Benoi Nair
5 March 2018, Monday – Dubai (UAE)
Union Coop – UAE’s largest consumer Coop released its revenue figures for the year 2017 as ‘AED 2.923 Billion’. As per the latest revelations, this has been the biggest profit registered by the firm since its formation in the year 1982.
His Excellency Khaled Humaid Bin Dhiban Al Falasi – CEO of Union Coop said, “Compared to the year 2016, this year we saw 19 percent increase in shareholders’ equity i.e. from AED 2.150 billion to AED 2.511 billion. At the same time, the families associated with us have increased from 28, 000 to 31, 000 – registering an increase of 10 percent compared to the year 2016.” He further adds “This strong show by Union Coop is testament to the hard work and dedicated efforts deployed over the years.”
Expressing his vision on future projects he says, “As we talk, Union Coop is working on numerous investment/expansion strategies that will see growth and expansion in the form of new buildings and leasing commercial space in third-party buildings. We also plan on renting integrated spaces through approved developers, in a bid to develop new branches that cover increased areas in Dubai – thereby serving our shareholders and consumers better.” “Despite of the expansion we plan, we insist on competent pricing so as to promote community happiness and consumer interest in general.”
Explaining the core belief of Union Coop, he further adds, “Union Coop was established to improve the socio-economic status of its shareholders and to serve the community by adapting the best retail trade practices.” “With 13 Branches and 2 Malls – Etihad Mall and Barsha Mall to its name, Union Coop introduced 2 new chain concepts by the name of ‘Coop and Fresh N1’, which will be promoting smart shopping ideas. Moves like these have helped us write new chapters in the Middle Eastern history!”
He also revealed, “We’ve spent 90 million Dirhams on 49 promotional campaigns in 2017, covering more than 70 000 items. The reason behind our spending have always been a sense of responsibility towards the society and our shareholders. The amount we spent on our promotional campaigns contributed directly towards price stability and reduction, creating a healthy retail environment wherein quality products can be availed at competitive prices.”