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Spinneys profit grows 18% with help from online sales

By Pramod Kumar
Spinneys has recently opened two new stores in Dubai and its first Saudi store in Riyadh Spinneys
Spinneys has recently opened two new stores in Dubai and its first Saudi store in Riyadh

Profits at UAE supermarket operator Spinneys surged 18 percent year on year to AED146 million ($40 million) in the first half of 2024.

Strong growth in online sales helped raise revenues, which increased by 10 percent year on year to AED1.6 billion.

The company also opened two new branches in Dubai, the first standalone dining concept in Dubai Mall and its first Saudi store in Riyadh.

Person, Electronics, Mobile Phone

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Transaction numbers increased 9 percent year on year to 18.3 million in H1 2024. The e-commerce segment rose 22 percent annually to AED217 million in the first six months. Overall, e-commerce sales as a percentage of revenue reached 13.6 percent.

The second-quarter bottom line increased 15 percent to AED72 million from AED61 million a year ago. The top line grew 9 percent to AED783 million.

Spinneys, which listed on the Dubai stock exchange in May, will pay its first interim dividend in August 2024.   

The supermarket operator launched in Dubai in 1961 and manages 79 stores in the UAE and Saudi Arabia.

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