Spinneys approves interim dividend of AED 103 million for H1

Spinneys announced its financial results for the first half of 2024, and revealed revenues reached a record high of AED 1.6 billion, increasing by 9.9 per cent year-on-year, with a profit of AED 146 million.

In a statement, Spinneys said it will pay its first post-IPO interim dividend of AED 102.6 million, equivalent to 2.85 fils per share and 70 per cent of distributable profits, in August 2024.

Spinneys' gross profit increased to AED 659 million, a 12.3 per cent  year-on-year increase.

The gross profit margin was robust, at 41.3 per cent, 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 AED 304 million, up 9.4 per cent year-on-year and with a margin of 19 per cent, despite the impact of one-off IPO-related costs and pre-store opening expenses in Saudi Arabia.

Profit before tax grew year-on-year to AED 163 million, up by 27.1 per cent, while profit for the period increased by 15.2 per cent year-on-year to AED 146 million.

Spinneys’ net profit margin of 9.2 per cent represented a 50 basis point improvement from the prior year.