By Sam Bridge
Union Coop reveals investment plan as it reports a 16% increase in third quarter net profit
Union Coop, the largest consumer cooperative in the UAE, plans to invest more than AED2.1 billion ($570 million) over the next four years in new retail projects.
The investment plan was announced as the company reported a 16 percent growth in third quarter net profit.
The retailer posted an increase of AED54.3 million from AED332.3 million in Q3 2018 to AED386.6 million.
CEO 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.”
He added that Union Coop’s total revenue rose 2 percent to AED2.1 billion in Q3.
The growth of profit also coincided with a reduction in expenses, Al Falasi said.