Spinneys has approved an interim dividend of AED103 million for H1-24.

Spinneys has reported its financial results for the six-month period ending on 30th June 2024. First-half revenues reached a record high of AED 1.6 billion, showing a 9.9% increase year-on-year, with a profit of AED146 million, up 15.2%.

In a statement on Thursday, Spinneys announced that it will pay its first post-IPO interim dividend of AED102.6 million, which is equivalent to 2.85 fils per share and 70% of distributable profits, in August 2024.

The gross profit of Spinneys increased by 12.3% year-on-year to reach AED659 million, with a robust gross profit margin of 41.3%, representing a 90 basis point improvement versus the prior year. This margin expansion was mainly due to the Group’s efficient sourcing and supply chain capabilities, as well as a successful fresh premium offering and private label strategy.

Adjusted EBITDA totaled AED304 million, up 9.4% year-on-year, 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.