Dubai Cooperative Society net profit rises three times in 2003

This was announced at the Annual General Meeting of DCC, which was held on April 12. The Cooperative's net profit has risen to Dh7,238,000 compared to Dh2,468,000 in 2002.

During the meeting, the Board of Directors also approved the distribution of 10 per cent cash dividend to the shareholders. The spurt in the net profit was achieved primarily due to its investments to the tune of Dh4 million, according to the annual report issued by the Cooperative.

The report added that the impressive results came from the sound marketing, sales and administrative capabilities, coupled with innovative plans and programmes undertaken by the Cooperative.

Apart from the 10 per cent cash dividend, the Board of Directors also decided to distribute 10 per cent bonus to the shareholders. Following the announcement of the bonus, the Cooperative's capital has increased to Dh13,493,700, the report added.

The report also showcased the achievements of the Cooperative during the course of the year, during which it walked away with many accolades, reflecting its drive for innovation and business excellence.

The various honours include the ISO-9001 certification, conferred in July 2003, and the HACCP (Hazard Analysis Critical Control Points) certification that was awarded for maintaining high quality hygiene specifications. The Co-op Islami factory also won the Jebel Ali Free Zone award.

One of the most coveted achievements for the Cooperative was the Dubai Quality Award for 2003, which was conferred on February 28, 2004 by His Highness General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister. The Cooperative was the first food company to win the Award.

The report added that the Dubai Quality Award was a testimony of the Cooperative's high-quality infrastructure aimed at providing a comprehensive programme for the industry, reflecting the support and dedication of its business partners, distributors, customers and staff, who have contributed in a big way towards the success.

The report also mentioned that the Cooperative was committed to enhance the quality and quantity of production to achieve its vision and objectives, adding that the organisation will strive to maintain the set standards and operational efficiency to serve as a leading example for the other companies to follow.