Skip to content Skip to Search
Skip navigation

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

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

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.

Latest articles

The Al Nakhla compound bought by Sarcc is set in 250,000 sq m of gardens

PIF worker housing company buys luxury compound

Smart Accommodation for Residential Complexes Company (Sarcc), the company established to provide housing for workers employed on major projects, has bought a luxury residential compound in Riyadh.  Sarcc acquired Al Nakhla Residential Resort in Riyadh for SR2.5 billion ($667 million).  The development, located in northern Riyadh, has more than 600 apartments and over 500 villas.   […]

Mohammed Alardhi, executive chairman of Investcorp, has welcomed Donald Trump's return to power, saying: 'We think the new administration is pro-growth'

Investcorp chairman weighs IPO or deal with strategic investor

Investcorp is considering a tie-up with a strategic investor or an initial public offering in the next few years, its executive chairman has said.  Mohammed Alardhi said the Bahrain-based alternative asset manager had streamlined its strategy and reshuffled its leadership and management teams.  For its next period of growth, Investcorp may look to outside investment, […]

Mubadla's Khaldoon Al Mubarak told the World Economic Forum in Davos that 'every sector is going to be disrupted' by AI

Mubadala seeks to balance AI risks and rewards

Artificial intelligence “presents a significant amount of risk” but also “a lot of opportunity”, the head of one of Abu Dhabi’s largest sovereign wealth funds said this week. On Tuesday the emirate launched a new digital strategy that aims to invest AED13 billion ($3.54 billion) over the next two years. “In terms of the risks […]

Mohammed Shia Al-Sudani, Iraq’s prime minister, has revealed plans for major oil, gas and petrochemical projects

Iraq makes huge oil discovery but faces Opec restrictions

Iraq has announced the discovery of a massive oil field expected to significantly increase the country’s hydrocarbon reserves, but Baghdad will face a number of challenges in its attempt to exploit the new resource. The field, located in the central part of the country, contains more than 2 billion barrels of medium and light crude […]