Latest news with #Spinneys
Al Etihad
4 days ago
- Business
- Al Etihad
Spinneys posts Dh170 million H1 profit on strong sales momentum, store expansion
7 Aug 2025 18:25 ABU DHABI (ALETIHAD)Spinneys reported a net profit of Dh170 million for the first half of 2025, up 16.2% year-on-year, reflecting continued growth in like-for-like sales, increased online penetration, and the contribution of six new stores, which were opened during the for the six-month period rose 13.7% to Dh1.8 billion, while profit before tax jumped 24.4% to Dh202 million. Adjusted EBITDA increased by 20% to Dh365 million, maintaining an industry-leading margin of 20.1%. Gross profit for the half stood at Dh753 million, up 14.2% from the prior company's store network expansion strategy continued apace, with nine stores added across the UAE and Saudi Arabia over the past 12 months — including the recent launch of Spinneys Mina Port and The Kitchen by Spinneys in Wafi Mall. The total number of transactions grew 12.2% year-on-year to 20.6 million in H1, while average basket size remained stable at the first quarter of 2025 alone, Spinneys posted revenue of Dh910 million, a 16.2% increase from Q1 2024. Quarterly profit rose 18.5% to Dh85 million, while adjusted EBITDA grew by 19.3% to Dh183 Sunil Kumar said the first-half performance 'reflects the strength of the Spinneys brand and our continued focus on delivering fresh, high-quality food experiences to our customers across the region.''Strong like-for-like growth, the success of our Fresh and Private Label ranges, and the acceleration of our online and store expansion strategy have all contributed to robust top- and bottom-line results,' he also highlighted the successful launch of 'Discovery by Spinneys,' a new premium private label range that debuted with an exclusive Scottish strawberry variety. 'This marks the beginning of a broader journey to bring exclusive, high-quality products to our customers,' he said. Looking ahead, the company reaffirmed its full-year 2025 guidance, including the opening of 10–12 new stores across the UAE and Saudi Arabia and maintaining its strong adjusted EBITDA margin of 19–20%. An interim dividend of approximately Dh120 million was also approved for H1 2025, equivalent to 3.32 fils per share.
Arabian Business
4 days ago
- Business
- Arabian Business
Six new stores boost Spinneys H1 2025 revenue growth by 13.7% to $490mn
Food retailer Spinneys said six new store openings helped revenues increase 13.7 per cent YoY for the first half of 2025 and reached AED 1.8 billion (US$490 million). Increased fresh and private label sales, strong like-for-like growth, and higher online penetration also played a significant part as profit before tax grew by 24.4 per cent to AED 202 million (US$55 million), and profit increasing 16.2 per cent to AED 170 million (US$46.3 million), after absorbing the impact of 6 per cent additional tax on applicability of a minimum tax of 15 per cent. New stores boost Spinneys performance Top-line growth was driven by like-for-like sales growth of 12.1 per cent and the opening of nine new stores across the UAE and Saudi Arabia since July 2024. Fresh (64.3 per cent up) and private label sales (44.7 per cent up) performed well for Spinneys with penetration growing by 0.5 per cent and 1.9 per cent, respectively. Online sales penetration grew to 16.2 per cent during the year, as compared to 13.6 per cent in H1 2024. Sunil Kumar, Chief Executive Officer at Spinneys, commented: 'Our strong performance in the first half of 2025 reflects the strength of the Spinneys brand and our continued focus on delivering fresh, high-quality food experiences to our customers across the region. 'Strong like-for-like growth, the success of our fresh and private label ranges, and the acceleration of our online and store expansion strategy have all contributed to robust top- and bottom-line results. 'We were especially encouraged by the successful launch of Discovery by Spinneys, our new premium private label range, which has already resonated strongly with customers. This marks the beginning of a broader journey to bring exclusive, high-quality products to our customers. 'As we look ahead, we remain focused on deepening our presence in core markets, continuing our expansion in Saudi Arabia, enhancing operational efficiencies, and creating long-term value for our stakeholders.' Spinneys said it maintains a positive outlook for 2025 and reaffirmed its previously announced guidance for full-year 2025. The company expects to open 10-12 new stores across the UAE and Saudi Arabia for the full year. Annual revenue growth is expected to be between 9-11 per cent. It also expects to maintain its industry-leading adjusted EBITDA margin of 19-2 per cent. Gross profit increased by 14.2 per cent YoY to AED 753 million in the first six months of 2025, with a stable gross profit margin of 41.5 per cent compared to 41.3 per cent in 2024, achieved through efficient sourcing and supply chain management and the company's private label strategy, which emphasises high-margin products. Adjusted EBITDA totalled AED 365 million (US$99.4 million) in the first half of 2025, up 20 per cent YoY, with an adjusted EBITDA margin of 20.1 per cent, compared to 19.0 per cent in 2024. Transaction volume grew by 12.2 per cent year-on-year to 20.6 million. The average basket size remained flat at AED 88 (US$23.96). In post-period events, Spinneys opened two more stores in the UAE – Spinneys Mina Port and The Kitchen by Spinneys Wafi Mall.
Bloomberg
4 days ago
- Business
- Bloomberg
Spinneys CEO: Opening More Saudi Stores This Year
The Saudi business model is very encouraging and we're planning to open two more stores in the Kingdom this year, says Spinneys CEO Sunil Kumar. The Middle East grocer reported first half profit growth of 16% year on year, citing new stores, online penetration and strong sales for the strong results. Spinneys CEO Sunil Kumar added that the company maintains a positive outlook for the rest of the year while speaking with Joumanna Bercetche on Horizons Middle East & Africa. (Source: Bloomberg)
Zawya
5 days ago
- Business
- Zawya
Spinneys continues positive momentum with first-half revenue of AED 1.8bln
H1 2025 revenue increased 13.7% to AED 1.8 billion, driven by like-for-like sales growth, new store openings, increase in Online sales and higher penetration of Fresh and Private Label sales Adjusted EBITDA of AED 365 million, up 20.0%, at an industry-leading margin of 20.1% Profit before tax grew 24.4% to AED 202 million, with profit for the period up 16.2% to AED 170 million 9 new stores opened across the UAE and Saudi Arabia over the last 12 months, with 10-12 new stores planned for the UAE and Saudi Arabia through 2025, strengthening Spinneys' presence in core markets Board approves interim dividend of AED c.120 million, or 3.32 fils per share for H1 2025 Dubai, UAE: Spinneys ('Spinneys' or the 'Company'), the region's leading premium fresh food retailer, has announced its financial results for the three-month and six-month period ended 30 June 2025. First-half revenues reached AED 1.8 billion, increasing 13.7% vs. H1 2024, driven by six new store openings during the first half, increased Fresh and Private Label sales, strong like-for-like growth, and higher Online penetration. Profit before tax grew by 24.4% to AED 202 million, with profit for the period increasing by a strong 16.2% to AED 170 million, after absorbing the impact of 6% additional tax on applicability of Pillar Two Rules which provides for a minimum tax of 15%, thus, reflecting Spinneys' industry-leading efficiency and margin profile. Sunil Kumar, Chief Executive Officer at Spinneys, commented: ' Our strong performance in the first half of 2025 reflects the strength of the Spinneys brand and our continued focus on delivering fresh, high-quality food experiences to our customers across the region. Strong like-for-like growth, the success of our Fresh and Private Label ranges, and the acceleration of our online and store expansion strategy have all contributed to robust top- and bottom-line results. We were especially encouraged by the successful launch of Discovery by Spinneys, our new premium private label range, which has already resonated strongly with customers. This marks the beginning of a broader journey to bring exclusive, high-quality products to our customers.' 'What truly sets Spinneys apart is the strong culture we've built — one rooted in ownership, service, and teamwork. Our people are the heartbeat of our business, and their commitment to excellence continues to drive our growth and resilience. As we look ahead, we remain focused on deepening our presence in core markets, continuing our expansion in Saudi Arabia, enhancing operational efficiencies, and creating long-term value for our stakeholders.' Financial Highlights AED (m) Q2 2025 Q2 2024 YoY Growth (%) H1 2025 H1 2024 YoY Growth (%) Revenue 910 783 16.2% 1,816 1,598 13.7% Gross Profit 378 323 16.9% 753 659 14.2% Adj. EBITDA 183 153 19.3% 365 304 20.0% Profit Before Tax 100 80 25.7% 202 163 24.4% Profit 85 72 18.5% 170 146 16.2% Record Top-Line Growth with Best-in-Class Profitability Revenue: Increased by 13.7% year-on-year, reaching AED 1.8 billion in the first six months of 2025. Top-line growth was driven by like-for-like sales growth of 12.1% and the opening of nine new stores across the UAE and Saudi Arabia since July 2024, and particularly strong performance in Fresh (64.3%) and Private Label sales (44.7%), with penetration growing by 0.5% and 1.9%, respectively. Online sales penetration grew to 16.2% during the year, as compared to 13.6% in H1 2024. Profitability: Gross profit increased by 14.2% year-on-year to AED 753 million in the six months ended 30 June 2025, with a stable gross profit margin of 41.5% compared to 41.3% in 2024, achieved through efficient sourcing and supply chain management and Spinneys' highly successful Private Label strategy, which emphasizes high-margin products. Adjusted EBITDA totaled AED 365 million in the first half of 2025, up 20.0% year-on-year, with an adjusted EBITDA margin of 20.1%, compared to 19.0% in 2024. Profit before tax grew by 24.4% to AED 202 million in the first half of 2025 at an 11.1% profit before tax margin (up from 10.2% in H1 2024), while profit for the period increased by 16.2% to AED 170 million at a 9.4% profit margin (up from 9.2% in H1 2024). Transaction growth: Transaction volume grew by 12.2% year-on-year to 20.6 million in the first half of 2025, reflecting growing customer demand on the back of supportive macroeconomic dynamics, while the average basket size remained flat at AED 88. Continued Strategic Execution Store network expansion: Spinneys continued to successfully execute its growth strategy through the expansion of its store footprint. From 1 July 2024 to 30 June 2025 the Company opened 8 new stores in the UAE and one in Saudi Arabia, resulting in a significant increase in gross selling area. In post period events, Spinneys opened two further stores in the UAE namely, Spinneys Mina Port and The Kitchen by Spinneys Wafi Mall. Aligned with global retail shifts: Spinneys continues to embed key consumer and operational trends into its growth strategy — including preventative wellness, in-store innovation, and employee empowerment. These themes were reinforced during the recent Consumer Goods Forum in Amsterdam, where CEO Sunil Kumar shared insights on the evolving Middle Eastern retail landscape, further positioning Spinneys as a regional thought leader. New Premium Private Label: Spinneys recently launched Discovery by Spinneys, a new premium private label range aimed at elevating perceptions of private label quality. The line offers curated, globally sourced products, starting with an exclusive Scottish strawberry variety that broke category sales records and earned praise for its standout flavour. The launch reflects strong demand for differentiated offerings, with further category expansions planned through 2025. Business Outlook Management reaffirms its previously communicated guidance for full-year 2025 and maintains a positive outlook for 2025, expecting to open 10-12 new stores across the UAE and Saudi Arabia for the full year. Annual revenue growth is expected to be between 9-11%, driven by new store openings coupled with like-for-like sales growth of 4-6%. The Company expects to maintain its industry-leading adjusted EBITDA margin of 19-20%. About Spinneys Spinneys' story started in 1961 when the first grocery opened in Al Nasr Square, Dubai. It has since grown to become the leading premium fresh food retailer in the region, with 83 stores (71 owned and 12 operated, including Waitrose) across the UAE, Oman and Saudi Arabia. Much loved by expats and locals in the region, Spinneys enjoys a well-deserved reputation for forward thinking, keeping pace with changes in cooking trends and the emergence of new products worldwide. Today, Spinneys has built a name for supplying top-quality produce and offering an elevated level of customer service. Food quality, safety and freshness have always been at the forefront of the Company's ethos – just one reason the Spinneys brand is defined as 'The fresher experience'.
Zawya
5 days ago
- Business
- Zawya
Dubai-listed Spinneys' Q2 2025 net profit up 18.5% to $23mln
UAE grocery chain Spinneys saw its net profit for the second quarter of 2025 rise by18.5% to 85 million dirhams ($23.15 million) on the back of strong revenues. Revenue rose 16% to AED 910 million. Net earnings for the first six months of the year also increased by 16.2% to AED 170 million, the Dubai-listed company said. The company's total revenues for H1 2025 went up by 13.7% to AED 1.8 billion, driven by higher sales and new store openings. (Writing by Cleofe Maceda; editing by Brinda Darasha)
