Spinneys sees best-ever 2024 revenue of Dh3.2b, up 12.3%

Dubai: Spinneys saw its annual revenue reach a record Dh3.2 billion in 2024, marking a 12.3% increase compared to the previous year, with profit before tax soaring 26.2% to Dh323 million during the period.

This growth was driven by a combination of factors, the premium fresh food retailer reported, including new store openings, increased fresh and private label sales, strong like-for-like growth, and higher online access.

The company reported an adjusted EBITDA (core earnings) of Dh631 million, up 12.1%, with an industry-leading margin of 19.5%, while net profit increased by 13.9% to Dh290 million, despite the impact of corporate tax.

In 2024, the company opened seven new stores across the UAE and Saudi Arabia, continuing its regional expansion strategy. Looking ahead, Spinneys plans to open 10-12 additional stores in 2025, further strengthening its footprint in key growth markets, the company said in a statement.

“2024 has been a milestone year for us, characterised by the continued execution of our growth strategy resulting in exceptionally strong financial results," said Sunil Kumar, Chief Executive Officer at Spinneys.

"Following our historic IPO on DFM, we achieved robust growth in revenue driven by increased like-for-like sales coupled with the expansion of our footprint in the UAE and Saudi Arabia."

The Board of Directors has recommended a final dividend of approximately Dh101 million, which is expected to be distributed in April 2025, pending approval at the Annual General Meeting.

Spinneys’ strong performance highlights its ability to capitalise on growth opportunities in the GCC region, particularly in the UAE and Saudi Arabia, positioning the company well for continued expansion and market leadership in 2025 and beyond.

"New store openings in key locations, both in Dubai and Riyadh, reflect our commitment to regional growth as we pursue the opportunities presented by sustained economic and demographic tailwinds in the GCC’s two most attractive markets," added Kumar.

“While the UAE remains the beating heart of our operations, we are strategically expanding to better serve customers throughout the Gulf. Looking ahead to 2025, we are confident in our ability to maintain this momentum, accelerating our expansion, deepening and diversifying our offering, and further building our market leadership.”