Sonae swings to profit in 2021 H1

  • ECO News
  • 30 July 2021

Sonae says the second quarter was "encouraging". Sales grew over 5% to €3.2 billion in the first half of the year, with Continente and Worten standing out.

Sonae recorded a net profit of €62 million in the first half of the year, a result that compares with losses of €87 million in the same period last year, reflecting an “encouraging” second quarter with the reopening of the economy.

Sales of Continente’s owner reached €3.22 billion in the first half of the year, representing a 5.5% year-on-year increase, with CEO Cláudia Azevedo reporting that the “second quarter was a positive and reassuring period for Sonae overall.”

“After a period of severe limitations to our operations, the easing of restrictions at the beginning of the second quarter allowed our businesses to see encouraging signs of recovery across several geographies,” stressed Sonae’s CEO in the statement sent to the market.

According to the retailer, Continente and Worten continued to grow and reinforced their market share during the first half of the year.

Sonae MC, where the Continente hyper and supermarket chain is based, recorded a turnover of €2.5 billion, representing a 5.4% growth between the months of January and June.

Worten managed to increase turnover by 7.5% to €518 million during this period, mainly driven by online sales.

Sonae also has a presence in the shopping centre sector, where Sonae Sierra generated sales of €66 million and made a profit of €10.8 million