Lulu Retail, a retailer based in the UAE, has declared a dividend of Dh309.8 million for the second half of 2024 during its Annual General Meeting (AGM).
The final date to qualify for this dividend is May 1, 2025, while the disbursement will occur on May 23, 2025.
This meeting marked the company’s first AGM since its initial public offering on the Abu Dhabi Securities Exchange in November 2024.
Yusuff Ali MA, the chairman of Lulu Retail, expressed that this event not only signifies their first AGM but also symbolizes the robustness of their foundation, the clarity of their vision, and the unity of their objectives.
“We are dedicated to enhancing our market presence and eagerly anticipate the journey forward with a shared vision aimed at sustained growth,” stated Saifee Rupawala, CEO of Lulu Retail.
Lulu Retail reported revenues of $7.6 billion for their financial performance in 2024, indicating a 4.7% increase compared to the previous year. Their net profit was recorded at $216.2 million, which is a rise of 12.6%.
Established in 1974, Lulu Retail is recognized as the largest full-line retailer in the GCC region based on retail space, sales, and store count, managing over 250 hypermarkets, express shops, and mini-markets throughout the six GCC countries.