26.5% Growth in Net Profit for Q1 2019: Union CoopSource: www.export-egypt.com 4/22/2019, Location: Middle East |
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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, with an increase of AED28.8 million.
The first quarter of 2019 saw a net profit AED138.5 million, compared to AED109.7 million in 2018. It also revealed that it has allocated AED110 million towards price reduction of more than 25,000 basic food, non-food, and consumer goods during the Holy Month of Ramadan, along with several socio-economic initiatives. The announcement came during the annual conference of Union Coop, discussing the preparations for the month of Ramadan 2019. 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 2019, "which we intend to intensify in the second quarter, thereby improving the happiness quotient of National and Resident Consumers alike." The net profit of both commercial centres and the branches grew by 38 percent and 25 percent consecutively, while the Gross Revenues grew by 3.5 percent in Q1 of 2019, compared to Q1 in 2018. |
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