Dubai Cooperative Society’s net profits up 83 percent in 2002
The Dubai Cooperative Society (DCS) recorded net profits of 3.83 million Emirati dinars (one million dollars) for 2002, an increase of 83 percent over the previous year. The distribution of 10 percent cash dividend to shareholders has been approved, up from nine percent last year.
The Board has also approved the purchase of new machines for the Co-Op Islami plant in Jebel Ali to enhance 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.
Co-op Islami was set up by DCS in 1981 to provide halal meat products as per Islamic methods. Starting with frozen chicken, Co-op Islami expanded to provide burgers, sausages, kebabs, minced meat and to other areas like frozen shrimp and cheese products. — (menareport.com)
© 2003 Mena Report (www.menareport.com)