DUBAI: Spinneys, recently listed on the Dubai Financial Market (DFM), today announced its financial results for the three-month period ending 31st March 2024. Revenue grew by 10.9% year-on-year to reach AED815 million, driven by an increase in retail revenue, with transactions remaining healthy, up by 9.5% year-on-year.

In a statement today, the company said gross profit increased by over 15% year-on-year to reach AED336 million in the first quarter. Gross Profit margins were robust, reaching 41.2% in Q1 2024, a 150-basis point improvement versus the prior year. This margin expansion was mainly due to the group’s efficient sourcing and supply chain capabilities, alongside its successful private label strategy.

Adjusted EBITDA1 totalled AED151 million in Q1, up 8.7% year-on with an Adjusted EBITDA margin2 of 18.5%, impacted by one-off IPO-related costs of AED c.10 million and pre-store opening expenses in Saudi Arabia.

Profit for the period increased by 12.8% year-on-year to AED75 million, with a net profit
margin of 9.2%, a c.20 basis point improvement from the prior year.

Sunil Kumar, Chief Executive Officer of Spinneys, commented, ‘Our performance in the first quarter underscores the strength of our business model and has been enabled by our relentless pursuit of growth. This provides us with a solid foundation to maintain our already strong momentum through the coming periods. With our entry into the highly attractive Saudi market set to take place in the current quarter, we look forward to continuing delivering exceptional value to our customers, achieving sustainable growth and creating long-term shareholder value.’

Source: Emirates News Agency