Spinneys has announced financial results for the nine-month period ending September 30, with revenue reaching a record high of AED2.3bn ($626m), increasing by 11.4 per cent compared to the same period in 2023.
Profit before tax grew by 27.1 per cent to AED203m ($55m), with profit for the period growing by a healthy 14.6 per cent to AED182m ($49.5m), reflecting Spinneys’ best-in-class margin profile and the efficiency of its operations.
Sunil Kumar, CEO at Spinneys, said: “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.”
Spinneys results
Gross profit increased by 12 per cent year-on-year to AED948m ($258m) for the nine month period, with a stable gross profit margin of 41.2 per cent, achieved through efficient sourcing and supply chain management and Spinneys’ highly successful private label strategy, emphasising sales of high-margin products.
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