Page 267 - SOBHA REALTY PR REPORT - AUGUST 2024

8/9/24, 10:37 AM Dubai's Spinneys reports highest-ever H1 2024 revenues of $435.6
expansion was driven by the company’s efficient sourcing and supply chain capabilities, as well as
its successful fresh premium offering and private label strategy.
Read more: Dubai’s Spinneys revenues surge to $221.89 million, transactions rise by 9.5
percent in Q1 2024
Profitability and EBITDA
Adjusted EBITDA totaled AED304 million in the first six months of 2024, up 9.4 percent year-on-
year, with an Adjusted EBITDA margin of 19 percent, despite the impact of one-off IPO-related
costs and pre-store opening expenses in Saudi Arabia. Profit before tax grew by 27.1 percent year-
on-year to AED163 million ($44.37 million), while profit for the period increased by 15.2 percent
year-on-year to AED146 million, despite the introduction of a 9 percent Corporate Tax in the UAE.
E-commerce growth
Spinneys’ e-commerce sales continued to grow, increasing by 21.7 percent year-on-year and
surpassing AED217 million for the H1 2024 period. Overall e-commerce sales as a percentage of
revenue reached 13.6 percent, and the company remains committed to enhancing its digital retail
offering.

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