Union Coop Posts Record Profit

Dubai: Union Coop, the UAE-based supermarket chain, recorded its largest profit ever in 2017, posting a total revenue of Dh2.923 billion.

Compared to 2016, last year saw a 19 per cent increase in shareholders’ equity from Dh2.150 billion to Dh2.511 billion, whilst the number of families associated with the group increased from 28,000 to 31,000.

Khaled Humaid Bin Dhiban Al Falasi, CEO of Union Coop said in a separate statement: “As we talk, Union Coop is working on numerous investment and expansion strategies that will see growth … in the form of new buildings and leasing commercial space in third-party buildings.”

The company also plans on renting integrated spaces through approved developers, in a bid to develop new branches that cover a wider area in Dubai, Al Falasi added.

According to Al Falasi, the group spent Dh90 million on 49 promotional campaigns last year, covering more than 70,000 items.

In October of 2017, the consumer cooperative launched its e-Commerce website, allowing consumers to shop online for a wide range of products, including electronics and household appliances.

Suhail Al Bastaki, director of marketing, said in a statement that Union Coop has launched its e-Commerce website to “keep up with the trend in the retail world and to provide the convenience of shopping and to provide best services to consumers at competitive prices.”