Spinneys Reports Record AED2.3 Billion Revenue and 27% Profit Growth

Spinneys today announced its financial results for the nine-month period ended 30th September 2024. Nine-month revenue hit a record high of AED2.3 billion, increasing by 11.4% compared to the same period in 2023.

Profit before tax grew by 27.1% to AED203 million, with profit for the period growing by a healthy 14.6% to AED182 million, reflecting Spinneys' best-in-class margin profile and the efficiency of its operations.

Sunil Kumar, Chief Executive Officer at Spinneys, commented,

"We are pleased to report very robust year-to-date performance, with revenues growing to record levels and strong profitability metrics both before and after tax. All at Spinneys remain firmly committed to delivering on our ambitious growth plans as we widen our footprint in the UAE, accelerate our expansion in Saudi Arabia, roll-out new concepts and deepen our ecommerce offering."

Gross profit increased by 12% year-on-year to AED948 million for the 9M 2024 period, with a stable gross profit margin of 41.2%, achieved through efficient sourcing and supply chain management and Spinneys' highly successful private label strategy, emphasising sales of high-margin products.

News Source: Emirates News Agency