Spinneys Achieves Highest Ever H1 Revenues, Expands Footprint with New Store Openings
Spinneys, a leading fresh food retailer in the UAE, announced record revenues of AED 1.6 billion for the first half of 2024, marking a 9.9% year-on-year increase.
The company reported a profit of AED 146 million, up 15.2% despite the new UAE Corporate Tax and IPO-related expenses. Spinneys will pay its first post-IPO interim dividend of AED 102.6 million in August 2024.
Sunil Kumar, CEO of Spinneys, highlighted the company's strategic expansion, including four new stores in Dubai and the launch of its first store in Riyadh, Saudi Arabia. The successful upgrade of the e-commerce app and the introduction of the Spinneys Swift hyperlocal delivery option further underscore the company’s commitment to innovation and growth.
Spinneys' gross profit increased by 12.3% to AED 659 million, with a gross profit margin of 41.3%. Adjusted EBITDA rose by 9.4% to AED 304 million. The company saw a healthy transaction growth of 9% year-on-year, with a stable average basket size.
Key business highlights include new store openings, the launch of The Kitchen by Spinneys in Dubai Mall, and significant growth in e-commerce sales, which increased by 21.7% year-on-year. Spinneys remains committed to expanding its footprint with a robust pipeline of new locations in the UAE and Saudi Arabia.
Overall, Spinneys' strong financial performance and strategic initiatives position the company for continued growth and success in the second half of the year.
News Source: Dubai Media Office