During a meeting held at 4 p.m. on Thursday, the Union Coop Board of Directors approved the final statements for the fiscal year 2023. The net profits for the year amounted to 296.86 million dirhams, showing a decrease of 25% from 2022 when profits were 396.2 million dirhams, and 413.2 million dirhams in 2021. The Board also approved the executive management’s recommendation to distribute profits for the year 2023 with a 15% return on shares and a 5% cash return on purchases. This proposal will be submitted to the General Assembly for approval.
In the previous year, Union Coop distributed profits for the year 2021 with a higher percentage than initially recommended by the Board of Directors, which had proposed distributing 20% in cash (20 fils/share) and a return on shareholders’ purchases of 3%. However, Union Coop decided to distribute more than what was initially recommended by distributing an additional percentage from shareholders’ purchases as well as an increase in cash returns for shareholders’ purchases.
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In conclusion, Union Coop recorded lower net profits in fiscal year 2023 compared to previous years due to various reasons such as market fluctuations, competition, etc., but it still plans to distribute profits among shareholders through dividends while maintaining transparency in its financial operations.
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