How co-ops make huge profits?

WE HAVE been blaming the unscrupulous ways of the suppliers of consumer goods and foodstuff, and how they are more greedy in devouring money than the Israeli Prime Minister Ariel Sharon in usurping Palestinian lands.

By Catch Of The Day

Published: Mon 13 Jun 2005, 11:00 AM

Last updated: Thu 2 Apr 2015, 7:58 PM

Concerted efforts were being made in support of cooperative societies in the war against exploitation, but the Arabic daily Al Ittehad had, a couple of days ago, opened a dossier on the cooperatives. It appeared — as reported in the daily — that the cooperative societies were also working to earn profits.

It is understandable without a doubt that profits are necessary to contribute effectively in providing more services, and expanding the economic activity, but it is intolerable when the remunerations of the members of the board of directors of these cooperatives are to the tune of Dh55.5 million. The figure is fabulous, and reflects the fact that the profit margin in the societies is huge, as net profits achieved by them countrywide stood at Dh7.6 million.

Of course, the consumer will be the last to know what is going on between suppliers and the cooperative societies.

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