DUBAI: Spinneys has announced impressive financial results for the nine-month period ending September 30, 2024, showcasing remarkable growth and operational efficiency.
The company achieved a record high revenue of AED2.3 billion, reflecting an increase of 11.4 per cent compared to the same period in 2023.
The substantial growth underscores Spinneys’ successful strategies in navigating the competitive retail landscape.
Profit before tax for this period grew significantly by 27.1 per cent, reaching AED203 million. Furthermore, profit for the period itself increased by 14.6 per cent, culminating in AED182 million. These figures not only demonstrate Spinneys’ robust financial health but also highlight its commitment to maintaining a best-in-class margin profile amid market challenges.
Enhancing e-commerce capabilities
Sunil Kumar, Chief Executive Officer at Spinneys, expressed satisfaction with the year-to-date 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.”
Kumar emphasised the company’s dedication to executing ambitious growth plans, expanding its presence in the UAE and Saudi Arabia, and enhancing its e-commerce capabilities.
Moreover, Spinneys reported a 12 per cent increase in gross profit year-on-year, totaling AED948 million, while maintaining a stable gross profit margin of 41.2 per cent.
The achievement is attributable to effective sourcing, efficient supply chain management, and a successful private label strategy that emphasises high-margin products.
