Emirati supermarket chain Union Coop on Friday said it made 2023 full-year net profit of 296.9 million dirhams ($80.8 million), 20% lower than the net profit of AED 369.9 million in the year-ago period.

Income from sale of goods slipped to AED 1.78 billion compared with AED 1.80 billion in the prior year, Dubai DFM-listed company said in a statement.  

Impairment loss on trade and other receivables soared 70% to AED 20.5 billion versus AED 12 billion in FY 2022.

Union Coop, which operates 27 branches and owns seven shopping centers, is the largest consumer cooperative in the UAE, according to its website.

(Writing by Brinda Darasha; editing by Seban Scaria)