Sonae profits up 14% to €75 million in H1 with €4Bn sales turnover
Sonae closed the first half of the year with a net profit of €75 million, which represents a growth of 14% compared to the same period last year. Sales exceeded €4.3Bn, helped by the integration of Nordic Musti, after the completion of the acquisition of the pet products company last March.
“During the first six months of 2024, our main businesses continued to show remarkable performances”, said Cláudia Azevedo, in a message at a results presentation.
The CEO of the Sonae group highlighted MC’s performance, which “strengthened its leadership position in the demanding Portuguese food retail market, demonstrating an unsurpassed focus on the customer and a strong ability to execute, while simultaneously driving growth in the health, beauty and wellness segment”, while Worten “successfully strengthened its market share in the electronics retail sector in Portugal, Delivering accelerated growth of the services and e-commerce businesses, despite high intensity marketing in the market”, she explained.
Cláudia Azevedo also highlighted the “robust performance of the Sierra shopping centre portfolio and the telecommunications figures, noting that Nos continued “to grow and gain share in the Portuguese telecommunications market, having also completed another relevant value creation operation involving its mobile network infrastructure”.
“This strong performance of our core businesses, combined with the contributions of the most recent investments, resulted in an increase in consolidated turnover of 11%, reaching €4.3Bn, and a growth in consolidated EBITDA of 18% to €410 million in the first half of the year”.
Food retail made the main contribution to revenues. MC’s turnover grew by 7.8% year-on-year to €3.3Bn, driven by the better performance of the food segment and the health, wellness and beauty segment. Worten, on the other hand, closed the period with a turnover of €593 million, 6.5% above the same period last year.
The last 12 months were marked by strong investment, which exceeded €1.3Bn in this period, with the company allocating more than one billion euros to the acquisition of three companies. Considering only the first half of the year, the company recorded a record investment of €966 million.
The most valuable operation was the purchase of 80.65% of the capital of Nordic Musti, for around €700 million. Sonae, through MC, also completed the merger between cosmetics companies Arenal and Druni, with an additional investment of €112 million, creating the market leader in the health, beauty and wellness segment on the Iberian Peninsula. In the food segment, Sparkfood completed the acquisition of a majority stake in the French BCF Life Sciences, for €160 million.
