Dubai-based retailer Union Coop has reported a 26.5 percent increase in net profit for the first quarter of 2019
Dubai-based retailer Union Coop has reported a 26.5 percent increase in net profit for the first quarter of 2019, compared to the same period the previous year.
The first quarter of 2019 saw a net profit AED138.5 million ($37.7 million), compared to AED109.7 million in 2018.
The company also revealed that it has allocated AED110 million ($29.9 million) towards price reduction of more than 25,000 basic food, non-food, and consumer goods during the holy month of Ramadan which is due to start early next month.
The announcement came during the annual conference of Union Coop, a statement said.
Khalid Humaid bin Diban Al Falasi, CEO of Union Coop, said that the increase in net profit is due to the increase in promotion campaigns released by Union Coop in Q1.
He added that the campaigns will intensify in the second quarter.
Gross revenues grew by 3.5 percent in Q1 compared to Q1 in 2018, the company also said.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.