Results pick up in H1

 In Companies, Financial results, News

Second quarter and first half financial results are out and Essential Business gives a roundup of some of the Portuguese companies that have announced them. Things are looking up!


Sonae says that its second quarter results are “encouraging” as sales grew over 5% to €3.2Bn in H1 with its retail outlets hypermarket Continente and electrical and electronic goods store Worten doing particularly well as the holding company went from a loss to a profit of €63 million.
After losses of €87 million like-for-like last year, it says that it has sailed on the positive trade winds afforded by the reopening of the Portuguese economy after the end of the lockdown in May.
Sales stood at €3.22Bn, an increase of 5.5% in like-for-like terms with CEO Cláudia Azevedo referring to a “second quarter that was positive across the board and encouraging,” given the pandemic.


Media group Cofina registered operational revenues of €35.5 million in H1.
It was an amount that reflects an increase of 4.3% on the same period in 2020 when operational costs fell 8.2% to €28.9 million.
In the first 6 months of this year EBITDA was €6.6 million, an increase of 157% on the same period last year when the group had a EBITDA of €2.6 million.
The net result for the company that has TVI tv station was €2 million compared to a negative net result of €1.3 million for the same period last year.
These amounts include a guarantee of €10 million relating to the pouches and sale contract signed in September 2019 with Promotora de Informaciones, S.A. (Prisa) for the acquisition of 100% of the share capital and voting rights of Vertix, SGPS, S.A. (and indirectly 94.69% of the share capital and voting rights of Grupo Media Capital, SGPS, S.A.).


Altri netted €44.8 million in the first half of 2021 with paper production hitting a new record of €571,000 tonnes.
Its renewable electrical energy produced from biomass rose to 352 GWh and exports of paper pulp brought in €266 million.
The company’s EBITDA was €108.9 million while the first half was marked by the successful floatation on the Lisbon stock market of its renewables arm GreenVolt.
During the period the company enjoyed a strong growth in production and sales in EBITDA to €69.3 million which represented an increase of +132% like-for-like on 2020 and +75.8% on the first quarter of the year.
For the half, the group also presented significant results with EBITDA growing +72.8% to €108.9 million when compared to the same period for the preceding year.


The first half results of Portugal’s energy giant EDP saw profits grow by 9% to €343 million.
However, its half year performance took a hit from the rising costs of purchasing energy on the Iberian peninsula and below average wind farm resources in the US.
The €343 million profits for the period January to June were up €29 million on the same period in 2020.
However, EDP’s net result fell 15% in the first half to €326 million. In this period, EBITDA fell 10% to €1,692 million compared to €1,871 million registered in the like-for-like period. Renewable energy was responsible for 60% of EDITDA (€1,007).