Union Coop reports AED387 growth in net profit for Q3 2019

DUBAI, 3rd November, 2019 (WAM) -- Union Coop has reported a 16 percent growth in net profit until the end of the third quarter of 2019, compared to the same period in 2018, which is an increase of AED54.3 million from AED332.3 million in 2018, to AED386.6 million in 2019.

Commenting on the performance, CEO of Union Coop Khalid Humaid Al Falasi said, "Union Coop plays a key role in supporting the nation’s economic growth and development as evident from the financial performance of 2019 until end of the third quarter, which shows record growth in profit."

Union Coop’s recent performance has been a significant improvement when compared to the same period last year, Al Falasi explained. "Union Coop’s total revenue reported a growth of two percent i.e. from AED2.073 billion until the end of the third quarter of 2018 to AED2.112 billion in 2019, signifying an improvement of AED39 million."

He pointed out that the growth of profit coincided with a reduction in expenses as well. "The total cost and expenses showed a decrease of one percent equals to AED15 million, from AED1.740 billion in 2018 to AED1.725 billion in 2019."

The CEO added that the number of Union Coop projects for the next four years is 18 projects, which will account for an investment of more than AED2.13 billion according to the estimated budget, which will amplify Union Coop’s presence and competitiveness in the UAE markets.