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Our Business

Our brand

Spinneys is a long-standing brand with a strong heritage in the UAE. Throughout its history, Spinneys has earned a reputation for premium quality, by consistently prioritising high standards in customer service, freshness and food safety.

Who we are

Spinneys has evolved and grown over the decades to become the operator of 80 premium grocery retail stores across three brands in the UAE, Saudi Arabia and Oman: 'Spinneys', 'Waitrose', and 'Al Fair'. Spinneys has established a strong pipeline of new stores set to open across the UAE and The Kingdom of Saudi Arabia in 2025.

Our Purpose

Our entire team is committed to our vision “not to be the biggest, but to be the best retailer”. Our mission is “to nourish and inspire our communities to live better lives, day-by-day”. We do this by offering high quality food solutions that promote heathy and sustainable living.”

Our place in the community

We believe in playing an active and supportive role within the neighborhoods we serve by engaging with the local community through various initiatives. In 2024 The Spinneys Family Run Series expanded to reach eight more communities, while the Spinneys Farm to Table Program is now active in 158 schools across the UAE, impacting over 210,000 educators, students, and parents.

Message from the CEO

“Spinneys is the GCC’s leading fresh-focused food retailer of scale, operating across 80 locations in the UAE, Saudi Arabia and Oman, with recent store openings in Saudi Arabia reflecting our commitment to expanding our footprint in high-growth markets.

We are ideally positioned to capitalise on the robust economic landscape of the UAE and Saudi Arabia, supported by positive economic conditions, the significant whitespace opportunities in both markets and the continued growth of the GCC’s affluent population.

Looking ahead, we are excited to enter our next phase of growth. This includes expanding our newly introduced 'The Kitchen, by Spinneys' grocerant concept and continuing the rollout of Spinneys Swift, our hyperlocal delivery platform. We also remain focused on strengthening our regional presence with a strong pipeline of new stores set to open in 2025 and beyond.”

Mr. Sunil Kumar Chief Executive Officer

Facts and Figures

stores

Operated in the UAE, KSA and Oman
(incl. Spinneys, Waitrose and Al Fair)

AEDbn

Revenue
(+12.3% YoY)

%

Online sales

AEDm

EBITDA
(19.5% margin)

AEDm

Profit for the year
(+13.9% YoY)

AED c.m

Dividend

AEDbn

Target market in core geographies

%

Share of target market in Dubai

All figures are for FY 2024

Investment Highlights

One of the leading premium food retailers operating in an attractive region

Spinneys continues to be at the forefront of premium grocery retail, setting benchmarks for quality, freshness, and customer experience. As we continue to grow, we are well-positioned to capitalise on the robust economic landscape of the UAE, where the economy is expected to grow at a CAGR of 3.4% from 2022 to 2028, and the affluent population is projected to grow at a CAGR of 4.3% over the same period.
In 2024, Spinneys expanded into Saudi Arabia, the GCC’s largest economy, where economic growth is forecasted at a CAGR of 3.2% from 2022 to 2028. Our strategy focuses on store openings in Jeddah and Riyadh, two of the Kingdom’s most dynamic and rapidly expanding cities. The affluent population in these cities is expected to grow at a CAGR of 6.4% over the same period.
Spinneys’ target market in premium grocery retail is outpacing broader grocery market growth, with a projected CAGR growth rate of 4.4% from 2022-2028 in the UAE and 6.7% in the Saudi cities of Riyadh and Jeddah.”

At year-end 2024, Spinneys expanded its UAE store network by opening five additional locations, reinforcing its position as one of the UAE’s leading premium grocery retailers. It also opened two stores in Saudi Arabia as part of its geographic expansion into the Kingdom. The brand’s fresh-focused approach has cultivated a loyal customer base and sustained strong revenue growth in its home market and indicates an ongoing opportunity to capture its target markets through continued expansion. Spinneys’ industry leadership has been consistently recognized with accolades, including being named 'Grocery Retailer of the Year' at both the RetailME Awards and Good Food Awards. Spinneys also celebrated its 100th anniversary in 2024.

Spinneys’ value proposition is built on high-quality, fresh-focused product range, with fresh food contributing over 65% of revenue in 2024. Spinneys maintains a competitive advantage through exclusive private labels including Waitrose, SpinneysFOOD, SpinneysHOME, SpinneysWELLNESS and Fine Food. The Company also secured exclusive rights with select brands, such as Heineken 0% beverages, Warburtons bread and Rude Health. To enhance customer convenience, Spinneys has developed an omnichannel platform with flexible store formats in prime locations, ensuring accessibility for its growing customer base. The Company has also invested in its e-commerce capabilities, operating proprietary online platforms and apps for both Spinneys and Waitrose, alongside partnerships with leading aggregators such as InstaShop, NowNow, Talabat and Deliveroo.

Spinneys’ operational success is grounded in our robust global sourcing network and vertically integrated supply chain, which is hard to replicate. With over 870 suppliers in 44 countries, facilitated through subsidiaries in the USA, UK and Australia, the Company has built a highly efficient supply chain that minimises waste while ensuring strong on-shelf availability. Spinneys operates two centralised production facilities in the UAE, delivering approximately 1,500 SKUs daily to meet customer demand. Spinneys also benefits from a long-standing, experienced workforce, with 22% of full-time employees having a tenure of over 10 years as of 2023. This experience strengthens Spinneys’ ability to execute its supply chain strategy with precision and consistency.

Spinneys has demonstrated a strong historical growth trajectory, with 2024 revenue reaching AED 3.23 billion, reflecting a CAGR of 8.5% from 2021 through 2024. This growth was primarily driven by increasing online penetration, private label penetration, the continued expansion of Spinneys’ store footprint, and growing fresh product sales across the UAE. The Company’s focus on improving resource utilisation, increasing transaction frequency, expanding its supply chain capabilities, and ensuring consistent product availability has contributed to its success. For 2024, Spinneys reported a gross profit margin of 41.4%, with a profit for the year of AED 290 million, marking a 13.9% increase from 2023.

Spinneys has identified several key strategies to accelerate profitable growth across operations. These include achieving like-for-like growth in existing stores, capitalising on an expanding target market, and increasing its fresh food offering, private label penetration, and e-commerce capabilities. Additionally, Spinneys continues to expand its store footprint in both the UAE and Saudi Arabia, with more openings planned for 2025, underscoring its commitment to regional growth. In 2024, Spinneys introduced innovative concepts to further strengthen its market position. ‘The Kitchen, by Spinneys’ brings fresh meal solutions to customers, while ‘Spinneys Swift’ a hyperlocal e-commerce platform, enhances convenience and expands the Company’s digital reach. These initiatives reflect Spinneys’ focus on operational efficiency and meeting evolving customer demands, ensuring continued sustainable growth and profitability.

Spinneys is led by a highly experienced management team with an average of 24 years’ experience, guided by CEO Mr. Sunil Kumar, who has been with the Company for 30 years. The CFO and Deputy CEO also bring extensive experience, with 23 and 28 years in the industry, respectively. Under their leadership, Spinneys has remained focused on long-term growth and sustainability. The Company’s 2024 sustainability report, ‘Better Together 2030’, which complements its wider sustainability strategy, outlines its commitment to key sustainability initiatives, including promoting healthy and organic food choices, achieving net-zero emissions in operations by 2040, and reducing food waste. Spinneys also plans to establish a Sustainability Steering Committee to further drive these goals. With a strong management team and an experienced, diverse Board of Directors, Spinneys remains committed to upholding high standards of corporate governance. This commitment is reinforced by the leadership of the founding shareholder and Chairman Mr. Ali Al Bwardy, who has been a prominent figure in the UAE retail sector who continues to champion Spinneys’ long-term success.