Page 262 - SOBHA REALTY PR REPORT - AUGUST 2024

Spinneys reports highest ever first-half revenues of

Dh1.6 billion

UAE retailer will pay first post-IPO interim dividend of Dh103m

by

Somshankar Bandyopadhyay

Published: Thu 8 Aug 2024, 8:16 PM
Spinneys one of the UAE’s leading fresh food retailers, on Thursday announced that first-half
revenues reached a record high of Dh1.6 billion, increasing by 9.9 per cent year-on-year

Profit for the period stood at Dh146 million, up 15.2 per cent despite the impact of the recently
introduced UAE corporate tax and oneoff expenses associated with the Company’s recent IPO.

In a statement to the Dubai Financial Market, Spinneys announced that will pay its first post-IPO
interim dividend of Dh102.6 million, equivalent to 2.85 fils per share and 70 per cent of
distributable profits, this month.

Revenue grew by 9.9 per cent year-on-year to reach Dh1.6 billion in the first six months of 2024,
driven by like-for-like sales growth of 9.8 per cent supplemented by the H1 2024 opening of four
new locations in Al Khawaneej (Dubai), Sobha (Dubai), The Kitchen, by Spinneys in Dubai Mall and

https://www.khaleejtimes.com/business/spinneys-reports-highest-ever-first-half-revenues-of-dh1-
6-billion