Spinneys has revealed its financial outcomes for the nine months ending September 30, 2024, marking a remarkable revenue of AED 23 billion, a 114% increase compared to the same timeframe in 2023. Profit before tax surged by 271%, reaching AED 203 million, while profit for the period rose by a significant 146% to AED 182 million. This performance underscores Spinneys’ competitive margin profile and operational efficiency.
CEO Sunil Kumar expressed satisfaction with the company’s strong year-to-date results, highlighting the record revenue and healthy profitability metrics. He reiterated Spinneys’ commitment to ambitious growth strategies, including expanding its presence in the UAE and accelerating its footprint in Saudi Arabia, alongside launching new concepts and enhancing e-commerce offerings.
Gross profit for the nine-month period increased by 12% year-on-year, amounting to AED 948 million, maintaining a stable gross profit margin of 41.2%. This success is attributed to effective sourcing, robust supply chain management, and the successful promotion of Spinneys’ private label products, which focus on high-margin sales.