Union Coop reports ‘2024' financial performance
The retail pioneer announced a progressive financial performance for FY 2024, wherein the revenue reached AED 2,491 million, showing a 5% increase, while profit before tax rose by 18%, reinforcing its signature leadership and market dominance.
Dubai, UAE: The leading Dubai-based retailer 'Union Coop' announced its financial results for the fiscal year ending December 31, 2024, showcasing 'revenue surge' and operational flexibility. The cooperative recorded a total revenue of AED 2,491 million, with AED 1,854 million from retail operations and AED 637 million from other activities, reflecting a 5% year-on-year increase. Profit before tax surged to AED 348 million, marking an 18% rise compared to AED 297 million in 2023. These strong financials reaffirm Union Coop's strategic transformation journey, reinforcing its position for sustained growth and expansion, thereby re-affirming its position as the industry leader.
Operational Achievements
Year 2024, Union Coop doubled down on its digital transformation efforts to improve retail innovation and digital adoption. The retailer's Smart App recorded 203K users by year-end, reflecting an improving digital presence and enhanced consumer reach. Additionally, the Tamayaz loyalty program expanded to total 1,029,881 cardholders, strengthening customer engagement, retention, and satisfaction.
Commitment to CSR and Sustainability
Union Coop remains steadfast in its corporate social responsibility (CSR) commitments, allocating AED 19.5 million to social, educational, security, and charitable programs across Dubai. This ongoing effort underscores the cooperative's dedication to fostering community well-being and promoting a sustainable development model.
Mr. Mohamed Al Hashemi, Union Coop's CEO, commented on the company performance: "Our strong 2024 financial performance, with profit before tax reaching AED 348 million—a 18% increase from the previous year—demonstrates our unwavering commitment to creating long-term shareholder value. The remarkable revenue growth across retail and other business segments underscores our ability to adapt to market dynamics and seize new opportunities. By embracing digital transformation, strengthening customer engagement through initiatives like the Tamayaz loyalty program, and upholding our social responsibility with AED 19.5 million allocated to community initiatives, we are ensuring sustainable success and a meaningful impact on the communities we serve.'
Looking ahead, Union Coop remains committed to expanding its market presence, leveraging technology, and further enhancing customer experiences. The cooperative's forward-thinking strategies and community-driven approach will continue to drive long-term sustainable growth in the evolving retail landscape of the UAE.
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