Spinneys has reported a record-breaking revenue of AED2.3 billion ($626 million) for the first nine months of 2024, marking an 11.4% increase compared to the same period last year. The strong performance has been supported by significant profit growth, reflecting the company’s strategic efficiency and operational excellence.
The profit before tax rose by an impressive 27.1%, reaching AED203 million ($55 million). Net profit for the period also demonstrated solid growth, increasing by 14.6% to AED182 million ($49.5 million). These results underscore Spinneys’ exceptional margin profile, driven by streamlined operations and strategic initiatives.
Sunil Kumar, CEO of Spinneys, expressed his satisfaction with the company’s performance, stating: “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.”
During the first half of 2024, Spinneys opened four new stores, including its inaugural location in Saudi Arabia. This expansion highlights the retailer’s commitment to growing its presence in the region while introducing innovative concepts and enhancing its digital commerce capabilities.
Spinneys’ gross profit for the nine-month period reached AED948 million ($258 million), a 12% year-on-year increase. The company maintained a strong gross profit margin of 41.2%, reflecting effective sourcing, supply chain efficiencies, and the success of its private label strategy, which focuses on high-margin product sales.
With a strategy that blends market expansion, product diversification, and operational excellence, Spinneys continues to solidify its position as a leader in the retail sector across the UAE and beyond.
