Spinneys posted healthy double-digit growth across the board in their financial results for the first nine months of 2025, as well as for the third quarter of the year.
With 10 new store openings, higher fresh and private label sales participation, strong like-for-like growth and higher online penetration, nine-month revenues reached AED2.6 billion (US$710 million), increasing 12.8 per cent compared to the same period in 2024.
Profit before tax grew by 24.4 per cent to AED253 million (US$63.9 million), with profit for the period increasing by a strong 16.4 per cent to AED212 million (US$57.7 million). This was despite absorbing the impact of 6 per cent additional corporate tax, based on the applicability of Pillar Two Rules, which provide for a minimum tax of 15 per cent.
Adjusted EBITDA for the period was AED503 million (US$136.9 million), up 19.5 per cent, with industry-leading margin of 19.4 per cent.
For the third quarter, revenue stood at AED777 million (US$211.57 million) against AED 701 million (US$190.9 million) in Q3 2024, up 10.8 per cent. Gross profit was up 13 per cent to AED327 million (US$89 million) and adjusted EBITDA grew by 18.3 per cent to AED138 million (US$37.6 million).
Sunil Kumar, Chief Executive Officer at Spinneys, commented: “Our strong performance in 2025 continues, reflecting our ongoing focus on strategic store expansion, the enhancement of our fresh food and private label assortments, and the integration of digital innovation across our business.
“During the quarter, we were especially proud to announce our entry into Kuwait and the Philippines, which represent significant milestones in our regional and international growth journey.
“Even as we navigate an evolving regulatory and tax environment, our operational discipline and ability to deliver value across our markets continue to set Spinneys apart and position us for long-term success.”
Top-line growth was driven by like-for-like sales growth of 10.3 per cent. Fresh food (up 64.3 per cent) and Private Label sales (up 45.3 per cent) were main contributors, even as online sales penetration grew to 16.6 per cent during the year, compared to 13.9 per cent during the same period in 2024.
Transaction volume grew by 12.3 per cent YoY to 30.3 million transactions in the first nine months of 2025. The average basket size decreased slightly to AED84.2 from AED85.8. This is attributed to the success of new smaller store formats focused on convenience as well as food on the go, which yield smaller basket sizes with higher margins.
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