Dubai’s Spinneys plans Saudi entry as profit rises 13%

Spinneys

First quarter 2024 net profit at Spinneys rose 13 percent year on year to AED75 million ($20.4 million) as it targets opening its first stores in Saudi Arabia.

Revenue grew by 11 percent annually to AED815 million over the period, driven by higher retail revenue, the supermarket operator said in its first quarterly results after listing on the Dubai Financial Market on May 9.

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Total transactions were up 9.5 percent year on year, reaching 802,000.

Ecommerce sales increased by almost 27 percent year on year, surpassing AED110 million for the period. Overall ecommerce sales as a percentage of total revenue reached 14 percent.   

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The group will make its first entry into Saudi Arabia this year with the opening of three stores. La Strada, the first store in Riyadh, is expected to open in the next few months.

Spinneys CEO Sunil Kumar said: “With our entry into the highly attractive Saudi market set to take place in the current quarter, we look forward to achieving sustainable growth.”

Spinneys currently has 75 stores and will also open three more in the UAE this year.

It also plans to open The Kitchen, its first standalone dining concept, in the first half of 2024.