Dubai-based supermarket chain Spinneys announced a 12% increase in net profit for Q3 2024, reaching AED35 million ($9.5 million) as the retailer reported strong quarterly and year-to-date performance. Revenue for the quarter rose 15% year-on-year to AED701 million, reflecting robust growth in consumer demand.
For the first nine months of 2024, Spinneys achieved a net profit of AED183 million, marking a 15% year-over-year increase, while total revenue climbed to AED2.29 billion. The company attributed this performance to effective expansion strategies and enhanced in-store offerings that have continued to attract shoppers across the UAE.
In Q3, Spinneys also distributed an interim dividend of AED102.6 million, equivalent to 2.85 fils per share, underscoring its commitment to returning value to shareholders. This follows the company’s successful listing on the Dubai Financial Market (DFM) earlier in the year after its initial public offering, signaling confidence in its continued growth trajectory as a publicly traded company.
