$1.86 billion in revenues for LuLu Retail in the third quarter

Lulu Retail today announced its financial results in its first financial statement since its initial public offering on the Abu Dhabi Securities Market, achieving strong revenue growth of $1.86 billion during the third quarter, an increase of 6.1% year-on-year.

The company said, in a statement today, that the strong sales performance was driven by significant growth in key markets, including the United Arab Emirates, Saudi Arabia and Kuwait, with sales growth across major product categories.

Sales in the third quarter increased by 1.2%, reaching $1.7 billion, while sales during the first nine months of 2024 increased by 2.2%, reaching $5.3 billion.

Lulu Retail’s operations in the UAE witnessed strong revenue growth of 7.5% in the third quarter of 2024, mainly due to healthy growth of 4.7% during the quarter and benefiting from supportive market conditions. Three new stores were also opened during the first nine-month period. From 2024.

Revenues in the Kingdom of Saudi Arabia increased by 5.7% to reach $369.3 million in the third quarter of 2024, and the Sultanate of Oman, the State of Kuwait and the Kingdom of Bahrain achieved strong growth in revenues, while the group’s revenues in the State of Qatar stabilized and maintained its leading market share.

Online sales rose to $237.4 million during the first nine months of 2024, an increase of 83.5% year-on-year, and sales through electronic channels currently constitute about 4.3% of total retail sales.

EBITDA was $176.3 million in Q3 2024, an increase of 9.9% year-over-year, with an EBITDA margin of 9.5% year-over-year, an improvement of approximately 30 basis points.

Net profit from continuing operations increased during the third quarter, with an increase of 126% to reach $35.1 million, driven by higher operating profits and improved cost management. During the first nine months of the year, net profit from continuing operations improved by 73.3% to reach $151.5 million. dollar.

Yusuf Ali, Chairman of the Board of Directors of Lulu Retail Company, said that this period was important, as the initial public offering set a record on the Abu Dhabi Securities Market and the company issued its first financial results that they achieved as a listed company, pointing out that the ambitious visions implemented by countries around The Gulf region contributes to providing and enhancing growth opportunities for companies like Lulu.

For his part, Saifuddin Rupawala, CEO of Lulu Retail, said that the third quarter and the first nine months of 2024 were characterized by continuous growth in revenues and profits, driven by rising sales in the company’s six markets in the Gulf Cooperation Council countries, and strategic expansion in sectors with higher margins. Higher profits such as the group’s own brand products, in addition to investing in operational efficiencies and customer focus.