PHOTO
Dubai-listed supermarket operator Spinneys has announced a profit of 72 million dirhams ($20 million) for the second quarter of 2024, up 17.8% year-on-year.
The retailer, which debuted on Dubai Financial Market (DFM) earlier this year, reported revenue of AED 783 million for the quarter, with profit of AED 146 million for the first half of the year on revenue of AED 1.598 billion.
The company said in a DFM disclosure that profits increased despite impacts from the new UAE corporate tax as well as one-off IPO expenses.
The board has approved its first post-IPO dividend of AED 103 million for H1, the statement said.
Spinneys has been operating in the UAE since 1961 and opened its first Saudi Arabian store in June.
(Writing by Imogen Lillywhite; editing by Brinda Darasha)