Khalid Humaid Bin Diban Al Falasi, CEO of Union Coop, Majiruddin Khan, Assistant Director of Trading Division and Imad Rashid, Media Section Manager.
Jamil Khan, Senior Reporter
Union Coop, the largest consumer cooperative in the UAE, has announced, for consumers, the 60-day Ramadan package of Dhs110 million allocated for price reductions of around 25,000 products on VAT free prices. The chain of hypermarket is also expecting Dhs650 million worth of sales during Ramadan campaigns to benefit 2.5 million beneficiaries with up to 90 per cent discount on most of the edible items.
Addressing the annual press conference at its head office in Al Aweer Dubai, Khalid Humaid Bin Diban Al Falasi, CEO of Union Coop along with Majiruddin Khan, Assistant Director of Trading Division also presented the result of the first quarter and reported a 26.5 per cent increase in net profit compared to the same period on the previous year, with an increase of Dhs28.8 million. The first quarter of 2019 saw a net profit of Dhs138.5 million, compared to Dhs109.7 million of 2018,” he said.
During the conference, Al Falasi said, “Union Coop achieved a net profit of Dhs138.5 million for the first quarter of 2019, with a monumental net profit improvement of 26.5 per cent compared to the same period of the previous year regardless of the decrease in the prices of the products by 7.5 per cent.
This 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. We have planned ten (10) promotional campaigns extend to 60 days to provide basic consumer goods with discounts up to 90% on 25,000 food and non-food products, allocating Dhs110 million for that purpose. We expect a sale of Dhs650 million through 70 million sold products during the 60 days of Ramadan Promotion. We expect at least 2.5 million consumers to be benefited during the Ramadan period with these Ramadan promotions. Moreover, consumers will be able to enjoy VAT FREE shopping as a part of Ramadan Happy Deals, on advertised products only.”
“All the campaigns take into account the cultural diversity of the UAE and include a variety of products that meet the needs of all the communities, thereby reducing the burden on consumers by providing the best quality products at competitive prices. Products include basic food and non-food including rice, meat, poultry, canned food, fruits and vegetables, detergents, plastic products, cosmetics, home appliances, electronics, Ramadan speciality products and other products,” he said.
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