Page 266 - SOBHA REALTY PR REPORT - AUGUST 2024

8/9/24, 10:37 AM Dubai's Spinneys reports highest-ever H1 2024 revenues of $435.6
Dubai’s Spinneys reports highest-ever H1 2024 revenues of $435.6 million, with profit before tax reaching
$44.37 million
The company will pay its first post-IPO interim dividend of $27.93 million

Spinneys expanded to four new locations in H1 2024, including Dubai, Riyadh. (Photo Credit: WAM)
Dubai-based fresh food retailer Spinneys today announced its financial results for the three-month
and six-month periods ended 30 June 2024. The company‘s performance has been remarkable, with
record-breaking revenues and profitability.
First-half revenues reached a new high of AED1.6 billion ($435.6 million), representing a 9.9
percent year-on-year increase. Profit for the period stood at AED146 million ($39.74 million), up
15.2 percent despite the impact of the recently introduced UAE Corporate Tax and one-off expenses
associated with the company’s recent initial public offering (IPO). Spinneys will pay its first post-
IPO interim dividend of AED102.6 million ($27.93 million), equivalent to 2.85 fils per share and 70
percent of distributable profits, in August 2024.
Operational highlights
The strong financial performance was driven by a 9.8 percent like-for-like sales growth and the
expansion of the company’s physical footprint. Spinneys opened four new locations in the first half
of 2024, including stores in Al Khawaneej (Dubai), Sobha (Dubai), The Kitchen by Spinneys in
Dubai Mall, and the company’s first store in Riyadh, Saudi Arabia. The company had previously
opened one new store at Damac Ventura (Dubai) in the second half of 2023.
Gross profit and margin expansion
Gross profit increased by 12.3 percent year-on-year to reach AED659 million, with a robust gross
profit margin of 41.3 percent, a 90 basis point improvement compared to the prior year. This margin

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