Union Coop reports higher revenue, operational flexibility
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 Dh2,491 million, with Dh1,854 million from retail operations and Dh637 million from other activities, reflecting a five per cent year-on-year increase.
Profit before tax surged to Dh348 million, marking an 18 per cent rise compared to Dh297 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.
In 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 programme expanded to total 1,029,881 cardholders, strengthening customer engagement, retention, and satisfaction.
Union Coop remains steadfast in its corporate social responsibility (CSR) commitments, allocating Dh19.5 million to social, educational, security, and charitable programmes across Dubai. This ongoing effort underscores the cooperative's dedication to fostering community well-being and promoting a sustainable development model.
Mohamed Al Hashemi, Union Coop's CEO, commented on the company performance: "Our strong 2024 financial performance, with profit before tax reaching Dh348 million - an 18 per cent 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 Dh19.5 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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