Dubai: Fresh from its DFM listing, the Dubai retailer Spinneys checked in another round of revenue growth, hitting Dh815 million from a 10.9 per cent increase over Q1-2023. Profit for the period came to Dh74.7 million, against Dh66.2 million a year ago.
"We are very pleased with our strong start to 2024," said Sunil Kumar, CEO. "Our performance in the first quarter underscores the strength of our business model. This provides us with a solid foundation to maintain our already strong momentum through the coming periods."
Online sales accounted for Dh110 million during the 3 months period.
All eyes on Saudi entry
Even as it was preparing for the IPO, heavily backed by retail and institutional investors, Spinneys was putting the final touches to its entry into Saudi Arabia, some time before this quarter was out. That would be the next big driver for Spinneys' medium-term growth, given that the brand already has a near 30 per cent share in its core Dubai market.
The first 'La Strada' store - which is what the branding will be in the Kingdom - will likely be followed by three more before the year end.
Another growth pipeline will come from 'The Kitchen', Spinneys' first standalone dining concept. This too is expected to launch in H1-2024.
"We look forward to continue delivering exceptional value to our customers, achieving sustainable growth and creating long-term shareholder value," said Kumar.
The stock will start trading at Dh1.55, slightly higher than the debut price of Dh1.53. Its highest point to date has been Dh1.62.
"Spinneys remains committed to developing its digital retail offering to meet evolving consumer preferences and
growing demand, having recently completed the soft launch of its Spinneys Swift app to offer a hyperlocal
delivery service to customers," said a statement.
