Spinneys said in a statement seen by Sky News Arabia that its profits during the first half also increased by 15.2 percent to reach 146 million dirhams despite the impact of the corporate tax that recently came into effect in the UAE and non-recurring expenses related to the company’s initial public offering.
Spinneys will pay its first interim dividend after the IPO of AED 102.6 million, equivalent to 2.85 fils per share and 70 per cent of distributable profits, in August 2024.
Below are the most prominent financial results during the second quarter:
- The company achieved revenues of about 783 million dirhams, with a growth rate of 8.9 percent on an annual basis.
- Spinneys reported a net profit of AED 72 million, up 17.8 per cent year-on-year.
On this occasion, Sunil Kumar, CEO of Spinneys, said: “We announce the distribution of the first interim cash dividend after the initial public offering, which confirms our commitment to creating value for our shareholders.”
“During the first half of this year, we have achieved significant milestones in executing our strategy, as we successfully expanded by opening four new stores including the standalone food court model ‘Kitchen by Spinneys’. We also opened our first store in Saudi Arabia, a promising market with huge growth potential. Our store at La Strada Yard in Riyadh has witnessed an exceptional response from customers, which confirms the strong demand for our products and reinforces our positive outlook for the company’s business growth in the Kingdom,” Kumar added.
“We have also upgraded our e-commerce app, which now includes Spinneys Swift delivery. All of these achievements underscore our continued commitment to growth and innovation, and provide us with strong momentum to continue our progress in the second half of the year,” concluded Kumar.
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