Sonae profits up 28%

The Portuguese multi-sectoral, multinational group Sonae has posted an increase in its profits for 2022 of 28%.

The company which operates Sonae Sierra shopping malls across Portugal and Europe as well as the Continente hypermarkets netted profits of €342 million, +27% on 2021.
The company published its results on Thursday that also showed that the net result that will be attributed to shareholders, excluding non-recurrent items, actually fell 17% to €179 million.
The group led by Cláudia Azevedo states that the fall in results is down to “the efforts made to help families by absorbing part of the costs of inflation which has significantly increased costs, as well as the indirect result of losses from impairments of €43 million from its fashion retail business (Lodan, Zeitreel, Mo, Salsa Jeans, and Zippy), the fall in the value of Sierra assets (shopping malls), and the exchange rate impact on the value of Bright Pixel assets – a prominent European venture capital in Retail Technologies, Digital Infrastructure, Cybersecurity, and Emerging Technologies.