Spinneys to open two new stores in Saudi Arabia: CEO

Sunil Kumar, CEO of Spinneys Holding PLC

Spinneys Holding PLC plans to open two new stores in Saudi Arabia, as the Kingdom remains one of its key markets, CEO Sunil Kumar said.

In an interview with CNBC Arabia, Kumar noted that the UAE continues to contribute the largest share of the company’s revenue. He added that Spinneys is pressing ahead with expansion plans in both Saudi Arabia and Oman.

The company is also evaluating opportunities to enter the Kuwaiti market and other potential markets, he said.

Kumar expects further growth in the company's business during the second half of the year, indicating that the company will discuss the possibility of increasing the dividend payout ratio to shareholders at the end of the current year, provided the profit momentum continues.