United Arab Emirates News
UAE’s Lulu Retail Posts $35.1M Q3 Profit on Strong Global Sales
Lulu Retail Achieves Strong Sales Growth Across UAE, Saudi Arabia, and Kuwait
UAE’s Lulu Retail Reports $35.1M Q3 Profit with 126% YoY Growth
At $35.1 million, Lulu Retail Holdings’ Q3 net profit increased 126% year over year (YoY).
The UAE-based chain of hypermarkets raised $1.72 billion in an initial public offering (IPO) earlier this month, while revenue increased by 6% to $1.86 billion.
According to the ADX-listed company, “strong sales performance was driven by significant growth in key markets including the United Arab Emirates, Saudi Arabia and Kuwait,” with sales increasing across key product categories.
With an EBITDA margin of 9.5%, EBITDA for Q3 2024 was $176.3 million, up 9.9% from the prior year.
