Sonae posts record €5.6 billion first-half revenue
Portuguese group Sonae reported record first-half revenue of €5.6 billion and a 20.5% rise in net profit, driven mainly by food retail and growth across its portfolio.
Portuguese conglomerate Sonae reported record first-half revenue of more than €5.6 billion and net profit of €123 million, up 20.5% from a year earlier, in a result that points to resilient consumer and retail activity in Portugal. In a statement to CMVM, Portugal’s securities market regulator, the company said the performance reflected growth in its domestic and international businesses, efficiency gains, continued investment and a strong financial position.
EBITDA rose 14.4% to €600 million by June, while underlying EBITDA increased 13.3% to €536 million. CEO Cláudia Azevedo said the group delivered “very positive” second-quarter results, extending the favourable momentum of recent months and reinforcing the strength of its portfolio.
MC, Sonae’s food retail, health, beauty and wellness unit, posted sales of €4.4 billion in the first half, up 7.9% year on year. Within that, food retail revenue rose 6.8% to €3.5 billion, supported by higher volumes, while Continente continued to gain market share despite what the company described as a highly competitive environment. The health and beauty business increased sales by 12.3% to €906 million.
Electronics chain Worten grew revenue 7% to €681 million, which Sonae said reflected solid demand in core electronics and home appliance categories as well as double-digit growth in services. In pet care, Musti increased revenue 14.7% to €277 million, while the Sierra real estate business benefited from continued growth in its European shopping centre portfolio and services activity. Telecoms operator NOS contributed €48 million to Sonae’s consolidated first-half accounts through the equity method.
Originally published at Eco.pt
