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The Dubai-based supermarket operator Spinneys posted 14% growth in Q1 2025 net profit to 85 million dirhams ($23 million).
Revenue for the quarter grew over 11% year-on-year (YoY) to AED 906 million on the back of three new store openings and higher online sales.
Spinneys, which listed on Dubai’s DFM exchange following an IPO earlier last year, expects to open 10 to 12 new stores across the UAE and Saudi Arabia by year-end.
The company forecasts revenue growth for 2025 at between 9-11% driven by new store openings coupled with like-for-like sales growth of 4-6%.
(Writing by Brinda Darasha; editing by Seban Scaria)
