Sonae said on Thursday that its net profit went up by 33.7% to €222 million in 2018, in a year that the group hailed as highly successful.
Portugal-based retail and property group Sonae said on Thursday that its net profit rose 33.7% to €222 million in 2018, in a year that the group hailed as highly successful, with the consolidated group turnover swelling by more than 8% to almost €6 billion.
In a statement to Portugal’s securities markets commission, the CMVM, the company said that EBITDA (earnings before interest, taxes, depreciation and amortization) increased 26.7% to €483 million.
Consolidated group turnover amounted to €5.951 billion, up 8.1%, as sales increased across the board, above all at food retailing unit Sonae MC (up 7.0%) and electrical goods chain Worten (up 7.6%).
In the statement, Sonae also highlights the completion of the merger of SportZone and JD Sprinter, leading to the creation of ISRG as a strong Iberian operator benefiting from important synergies, whose Integration is already being reflected into very positive results.
Additional investment in property arm Sonae Sierra was also important, increasing the group’s international reach and laying the foundation for accelerating the implementation of the group’s capital recycling strategy and leveraging opportunities for value creation abroad.
Sonae’s net debt at the end of 2018 was €1.317 billion, in part because of the acquisition of 20% of Sonae Sierra and the consolidation in the group accounts of its €115 million in debt.