Sonae Group sees profits up 89%
The Sonae Group posted the net result of €118 million and sales of €3.4Bn to June.
In terms of the €62 million net result reported for H1 2021, this year’s result represented an 89% increase on 2021 when the results had been dragged down by the pandemic.
The group explains the strong results on “growth in the businesses and success in managing the group’s portfolio”.
In the first six months of the year sales reached €3.4Bn (+7.9%) with all of the group’s businesses posting growth.
But it was the company’s retail arm, and specifically its supermarkets Continente, which enjoyed the greatest turnover with €2.7Bn between January and June. The group’s operational profitability also evolved positively, with a total EBITDA improvement of €319 million.
“Despite the falloff in confidence from consumers, and strong pressure on cost structures, the Sonae portfolio continued to display adaptability, resilience, and a capacity to respond to our clients needs. We have solid results with our businesses again strengthening their positions of market leadership”, said Sonae CEO Cláudia Azevedo.