Spinneys has announced a 14% year-on-year growth in first-quarter profit, with UAE retail expansion being a major contributor to mitigating the impact of the recently implemented corporate tax. The food retailer opened three new stores in Dubai in the quarter, increasing footfall and overall sales performance.
Even with the UAE’s introduction of corporate tax by 9% from this year, Spinneys was able to hold onto strong margins with operational efficiency and strategic cost controls, said its earnings report. The retail business still continues to reap from the UAE’s economic resilience as well as improving consumer demand.
Outside the UAE, Spinneys has also revealed plans to enter Saudi Arabia, with its first outlet set to open in Jeddah. The expansion is the start of a broader push into the GCC market, as part of the company’s long-term growth strategy to diversify and access larger regional consumer bases.
Executives are upbeat on sustained revenue growth in 2025, thanks to store rollouts, digital retailing upgrade, and brand loyalty. Spinneys’ strong Q1 performance and aggressive regional expansion make it a prime candidate for a top player in the Middle East’s dynamic retail space, analysts believe.
