Union Coop distributes 24% cash dividend and 6% return to …


Dubai: «The Gulf»
The General Assembly of the Federation cooperative approved distributing 24% cash dividends, in addition to distributing 6% as a return on shareholders ’purchases for the cooperative’s business for the fiscal year 2019, this came during the thirty-eighth ordinary general assembly meeting, which was held using the technology of attendance and electronic voting via remote And for the first time.
Majed Hamad Rahma Al Shamsi, Chairman of the Federation’s Board of Directors, said: The total profits distributed to shareholders for the year 2019 amounted to 479.02 million dirhams, and it represents 93.4% of the net profits, indicating that the cooperative achieved net profits for the year 2019, amounting to 512.88 million dirhams, a growth of 10% for the year 2018, despite economic challenges, intense competition between companies, a 10% reduction in 2019 prices for 2018 and a 6% distinction card offer.
The cooperative maintained total sales, reaching 2.297 billion dirhams in 2019, noting that the profit margin (net profit to sales) reached 24.5%, which is the highest rate since 2014, and the return on capital (net profit to capital reached (29%) and the return on equity (net profit to equity) 16%, and the cooperative’s assets during 2019 grew by 15% to exceed 3.7 billion dirhams.
And Aban, the number of shareholders in the Union’s cooperative increased to 35 thousand 112 shareholders by the end of 2019, with a growth rate of 4.7% compared to 2018, indicating that the shareholders ’rights before the distribution of profits increased from 2.840 billion dirhams in 2018 to 3.184 billion dirhams in 2019 by 12%.


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