UAE Union cooperative shareholders agree to distribute 479 million dirhams

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Dubai – Mubasher: The General Assembly of the Federation Cooperative, the largest consumer cooperative association in the United Arab Emirates, approved, during its meeting on Tuesday, the distribution of cash dividends to eligible shareholders for the past year.

According to a press release, the percentage of profits to be distributed is 24 percent of the capital, with a total value of 479.02 million dirhams.

The Board also approved by approving a 6% return on shareholders ’purchases.

It is noteworthy that the profits of the Union cooperative increased by 10 percent in the last year to reach 512.88 million dirhams, revenue reached 2.34 billion dirhams, the profit margin reached 24.5 percent, sales reached 2.3 billion dirhams, expenses decreased by 2.4 percent, and the assets of the cooperative exceeded 3.7 billion dirhams .

During the month of September of 2019, the Union Coop in the United Arab Emirates announced the start of implementing two commercial centers At a cost of about 82 million dirhams.

In July of last year, the union’s cooperative revealed Opening the ceiling for purchases To the shareholders of the company in order to give them the highest return, starting from the beginning of this year and retroactively.

It is reported that on July 1, 2019, The union cooperative stated Located in the United Arab Emirates, which is the largest consumer cooperative in the country, that it will allow all citizens to buy its shares from next September 1..

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