Lulu Retail's First AGM Approves Dividend

Lulu Retail Approves Dividend at First AGM

Lulu Retail, operating in the United Arab Emirates, celebrated a significant milestone in its history: it held its first Annual General Meeting (AGM) since becoming a publicly listed company on the Abu Dhabi Securities Exchange in November 2024. At the event, a dividend payment of 309.8 million dirhams for the second half of 2024 was approved, with the last eligibility date on May 1, 2025, and the payment due on May 23, 2025.

Beginning of a New Era

The first AGM was not only of administrative significance but also a symbolic milestone in the life of Lulu Retail. The company's management emphasized that its achievements to date are due to its solid foundations, clear vision, and unified sense of mission. The message of the AGM was clear: the company is determined to continue on the path focused on strengthening its market position and sustainable growth.

Outstanding Financial Results

Lulu Retail concluded its 2024 financial year with impressive growth. Annual revenue reached $7.6 billion, representing a 4.7% increase compared to the previous year. Net profit increased to $216.2 million, reflecting a 12.6% improvement. These results demonstrate that the company has successfully adapted to the rapidly changing market environment while maintaining customer trust and market share.

Regional Presence and Expansion

Today, Lulu Retail is the largest retail chain offering a full product range in the GCC region, measured by sales area, sales volume, and number of stores. It operates over 250 hypermarkets, express stores, and mini markets across the six GCC countries, covering the entire region. The company's model is built on the needs of local communities, served by modern stores, a wide range of products, and competitive pricing.

Looking Ahead

Looking to the future, Lulu Retail continues to focus on strengthening its market position, expanding its network, and emphasizing customer experience enhancement. The company's long-term plans include accelerating digital transformation, supporting sustainable operations, and exploring new markets.

Conclusion

Lulu Retail's first annual general meeting was not just a mandatory corporate event but a milestone reinforcing the company's commitment to growth and value creation. The approval of a 309.8 million dirham dividend clearly signals commitment to its shareholders, while the stable financial performance promises a bright future. In the dynamic retail sector of the United Arab Emirates, Lulu Retail remains a key player, creating new opportunities for the region's economic growth.

(Source of the article is the Lulu Retail’s Annual General Meeting (AGM) release.)