DUBAI, Driven by a robust performance and operation, Union Coop, the largest consumer cooperative in the UAE, posted revenues of AED2.9 billion in 2017, the highest since it was founded in 1982.
Khaled Humaid Al Falasi, CEO of Union Coop, said shareholders’ rights grew 19 percent in 2017 to AED 2.5 billion from AED2.1 billion in 2016.
He stated that Union Coop shareholding families rose from 28,000 in 2016 to 31,000 in 2017, an increase of 10 percent.
He added that the Union Coop is implementing an expansion strategy to increase both revenues and profits.
According to Al Falasi, the consumer cooperative society had launched 49 promotional campaigns covering 70,000 products last year, reducing living burdens on consumers by 50 percent, with a savings of AED90 million.
Union Coop has 13 branches, two branches in shopping malls and a series of Fresh N 1 stores.
UNION COOP was establish and manage hypermarkets in Dubai. The aim of the establishment of the UNION COOP is to improve the social and economic conditions of its members, and to serve the local community as per bylaw of UNION COOP.
Source: Emirates News Agency