Dubai Financial Market (DFM) has announced the listing of Union Coop, one of the biggest retail cooperatives in the UAE, and began trading under the ticker symbol “UNIONCOOP”.
With net earnings growing at a compound annual growth rate of 20.5% and revenues increasing by 16.85%, Union Coop's shareholders' equity was valued at more than AED3b. The Union Coop reported a 2% to 6% increase in net earnings for the first quarter of 2022. Its net earnings for the entire 2021 fiscal year were AED413m, with a profit margin of 21%, while its revenue was AED116.5m.
Additionally, xCube, a company that coordinates and assists the activity of market maker businesses in the DFM, has been hired by Union Coop. xCube's job will involve ensuring bid and offer prices on the shares, figuring out the volumes needed for sale and purchase, and establishing share prices.
Why it matters
Union Coop is the second company to list on the DFM this month after Tecom Group, which did so on July 5 and raised AED1.7 billion through an IPO. According to Union Coop's CEO Khalid Al Falasi, the listing reflects the company's commitment to safeguarding its members by providing them with a "regulated, efficient and transparent marketplace for trading Union Coop shares."
