Lulu Retail Holdings, the UAE-based hypermarket chain operator, has posted a remarkable 126% year-on-year (YoY) increase in its net profit for the third quarter (Q3) of 2024. The company’s net profit reached $35.1 million, demonstrating strong financial growth despite broader market challenges.
The retailer, which recently raised $1.72 billion through an initial public offering (IPO), also reported a 6% YoY rise in revenue, totaling $1.86 billion for the quarter. The company attributed its impressive sales performance to significant growth across key markets, including the UAE, Saudi Arabia, and Kuwait. This growth was fueled by increased demand in various product categories, further reinforcing Lulu’s strong position in the regional retail sector.
Additionally, Lulu’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for Q3 2024 stood at $176.3 million, a 9.9% increase compared to the same period last year. The company achieved an EBITDA margin of 9.5%, reflecting its operational efficiency and profitability.
Lulu’s positive financial results come after a successful IPO earlier this month, which saw the company raise substantial capital to further expand its retail footprint. The firm has emphasized its commitment to growth, particularly in the GCC region, where it continues to experience strong sales across various retail categories.
As the company moves forward, it aims to leverage its strong market position in key countries, continuing its expansion in the retail and e-commerce sectors.
