Lulu Retail, in its first annual audit after listing on the Abu Dhabi stock exchange, reported a 12.6% rise in profit alongside a 4.7% growth in revenue over the previous year. The company generated $7.6 billion (₹66,500 crore) in revenue from its 250 stores across the Gulf region.
During the last quarter of the fiscal year, Lulu Retail posted a revenue of ₹16,600 crore, marking a 1.8% rise compared to the same period of the previous year. Despite rising expenses due to lease revisions in Saudi Arabia and Qatar, the company maintained profitability, with a net income margin of 3.4% for the fourth quarter.
The year 2024 saw the opening of 21 new stores, including nine in the fourth quarter alone. Notably, 29.9% of the company's total revenue came from its private label products. E-commerce sales surged by 70%, while retail sales grew by 4.5%.
"Lulu Retail had a historic year in 2024," said Chairman M.A. Yusuff Ali during an event in Dubai. "The IPO on the Abu Dhabi Exchange marked a crucial milestone in our growth journey. Through disciplined expansion, strategic partnerships, and a focus on innovation, we successfully leveraged the strength of our business model."
He further emphasised Lulu’s commitment to delivering sustainable value to all stakeholders and providing a superior shopping experience.
Lulu Retail's board of directors has declared a dividend of ₹735 crore, translating to 3 fils per share. With Lulu’s shares trading at AED 1.66 (₹39) on the Abu Dhabi Stock Exchange, this amounts to a dividend of 80 paise per share, representing a payout ratio of 85%.
The company had raised $1.72 billion in its IPO on the Abu Dhabi Stock Exchange in November 2024.