Dubai supermarket chain operator Spinneys posted a net profit attributable to the owners of the company of AED 77.2 million ($21 million) in Q1 2024, up 17% compared with a profit of AED 66.2 million in the year-ago period.

The company, which listed on the Dubai Financial Market last week, said revenue for the quarter rose 11% year-on-year (YoY) to AED 814.8 million driven by a 9.5% rise in retail revenue.

Spinneys’ e-commerce sales rose 26.8% YoY to over AED 110 million in the quarter, it said in a statement on Tuesday.

Overall e-commerce sales as a percentage of revenue reached 14% in the period.

This year, the chain expects to open three new stores in the UAE and four in Saudi Arabia.

La Strada, the first Saudi store, is expected to open in Riyadh in H1 2024.  

Spinneys also plans to launch its first standalone dining concept in H1 2024.

(Reporting by Brinda Darasha; editing by Seban Scaria)