- AED135M approved dividend for distribution to shareholders
- Abu Dhabi Co-Operative Society to be listed on ADX
Abu Dhabi, United Arab Emirates – October 11, 2024 - Abu Dhabi Co-Operative Society, which is part of Mair Group held its annual general assembly meeting on Thursday, October 3rd, 2024, to announce and discuss the results of the fiscal year 2023. The meeting was led by Captain Mohammed Juma Al Shamisi, Chairman of the Board of Directors at Mair Group.
During the meeting, various strategic initiatives were approved, as well as reviewing the financial performance and successes achieved by Abu Dhabi Co-Operative Society throughout 2023. Future goals and ambitions were also discussed, which aim to further strengthen Mair Group’s position as a major contributor to the UAE’s food security system and ensure sustainable growth for its shareholders.
The most prominent topics of the meeting included:
• The approval of distributing AED135 million worth of dividends to the shareholders.
• The transformation of Abu Dhabi Co-Operative Society, into a public joint stock company - PJSC.
• Listing the company shares on the Abu Dhabi Securities Exchange - ADX.
• Partial shares to be listed to increase the attractiveness and demand for investors.
In this context, Captain Mohamed Juma Al Shamisi, Chairman of the Board of Directors at Mair Group, said: 'We extend our thanks and appreciation to our wise leadership for its unlimited support in facilitating the merger of Al Ain, Al Dhafra, and Delma Societies under the umbrella of Abu Dhabi Cooperative Society, and for strengthening the role of national institutions in enhancing the economic status of the United Arab Emirates, and achieving the well-being and sustainable development of society. This year has been an exceptional one in the journey of Abu Dhabi Cooperative Society, where we have achieved remarkable successes thanks to a clear strategic vision and the efforts of the team, and we look forward to a promising future that holds many opportunities for success and sustainable growth for the group's business in the UAE and the region as a whole, and to provide real value to our shareholders and partners.'
In this regard Mr. Nehayan Hamad Balrakad Alameri, Managing Director and CEO of Mair Group said: “During our discussions at the meeting, we approved an ambitious expansion plan that includes the implementation of 10 new projects in Abu Dhabi and Al Ain, in addition to 7 other projects in Al Dhafra region. Our future journey is clear, strengthening our presence, achieving operational excellence, ensuring the sustainable growth of Mair Group, enhancing the well-being of our communities, and achieving the interests of our shareholders.”
It is noteworthy that Mair group achieved revenues of 1.2 billion dirhams in the first half of 2024, and net profit before interest, taxes, depreciation, and amortization amounted to 171 million dirhams. A comprehensive unification of Mair Group's assets was also implemented and classified into specific sectors, including the retail and commercial real estate sector.
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