Middle East grocer Spinneys will open two new stores in Saudi Arabia this year as part of its regional expansion strategy, CEO Sunil Kumar told CNBC Arabia.
“The Saudi business model is very encouraging, and we’re looking to open two more stores in the Kingdom this year,” he said, adding that the company also plans to launch six additional stores in other markets.
Spinneys is also pressing ahead with expansion in Oman and is evaluating entry into Kuwait and other potential markets.
The UAE remains the company’s largest revenue contributor, with Saudi Arabia emerging as a key growth market.
“All the metrics of the business are in double-digit growth – at 13.7 per cent overall – and EBITDA is up 20 per cent,” Kumar added.
For the first half of the year, Spinneys reported a 16 per cent year-on-year increase in profit, driven by new store openings, higher online sales penetration, and strong overall sales performance.
“We have better customer traction, footfall grew by 12 per cent, and so far the performance of the Saudi stores is really encouraging,” the CEO concluded.
