Dubai Cooperative Society announces Dhs 3.83 million profit at General Assembly Meeting

The General Assembly Meeting of DCS held on April 16 has also approved the distribution of 10 percent cash dividend to shareholders, up from 9 pecent last year.

Addressing the meeting, Mr. Yousef Al Serkal, Vice Chairman of the Board of Directors of DCS declared a net profit of Dhs. 3,830404 for the year 2001-2002 as against Dhs. 2,090228 over the previous year.

He said that DCS had achieved operational efficiency and has formed a sound marketing strategy on the basis of a number of measures undertaken during the past year. The Board of Directors had also decided to shut down certain divisions that were not viable to create greater efficiency within the Company.

The Board has also approved the purchase of new machines for the state-of-the-plant Co-Op Islami plant in Jebel Ali to enhance the quality and quantity of production, and also to meet the increasing demand for Co-Op Islami products in domestic and regional markets. As a cost-saving measure, the Board approved the construction of new cold stores to provide greater storage space.

The meeting discussed the marketing policies and strategies of DCS and how additional revenue could be generated by incurring less expenditure and ways of developing warehouses and offices in Jebel Ali to add to the existing infrastructure as part of an overall expansion programme. It was also disclosed that negotiations are on with different government organizations to establish new DCS branches.

Tracing the performances of DCS during the past year, it was pointed out at the meeting that Co-op Islami, the society's flagship brand, had made excellent gains with a number of exciting and innovative projects including the launch of Aladdin, the first complete range of frozen food products for children, and the setting up of Emdad, an exclusive new Catering Services Company.

Co-op Islami was set up by Dubai Cooperative Society in 1981 to provide genuine halal meat products as per Islamic methods. Starting with frozen chicken, Co-op Islami expanded to provide burgers, sausages, kebabs, minced meat, etc.and also to other areas like frozen shrimps and cheese products.