Spinneys today announced its financial results for the six-month period ending 30th June 2024. First-half revenues reached a record high of AED1.6 billion, increasing by 9.9% year-on-year, with a profit of AED146 million, up 15.2%.
In a statement on Thursday, Spinneys said it will pay its first post-IPO interim dividend of AED102.6 million, equivalent to 2.85 fils per share and 70% of distributable profits, in August 2024.
Spinneys gross profit increased by 12.3% year-on-year to reach AED659 million. The gross profit margin was robust, at 41.3%, a 90 basis point improvement versus the prior year.
Margin expansion was mainly due to the Group’s efficient sourcing and supply chain capabilities, and successful fresh premium offering and private label strategy.
Adjusted EBITDA totalled AED304 million, up 9.4% year-on-year and with a margin of 19%, despite the impact of one-off IPO-related costs and pre-store opening expenses in Saudi Arabia.
Profit before tax grew by 27.1% year-on-year to AED163 million, while profit for the period increased by 15.2% year-on-year to AED146 million. Spinneys’ net profit margin of 9.2% represented a 50 basis point improvement from the prior year.
WAM
