Sonae’s profit falls 41.6% in first half to 69 million euros

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Sonae recorded profits of 69 million euros in the first half, a decrease of 41.6% compared to the same period last year, with the result reflecting support for families, tax increases and investment expansion.

“[Net income attributable to shareholders] reached €69 million, a decrease of 41.6%, reflecting support for families, increased financial costs and taxes and investment in business expansion and digitization,” the company said in a statement released today.

In the first six months of this year, the consolidated turnover of the company led by Cláudia Azevedo exceeded 3.8 billion euros, an increase of 12% year-on-year, supported by the gains in market share of Worten and MC [Modelo-Continente] and also by investments in business expansion.

In turn, earnings before interest, taxes, depreciation and amortization (EBITDA) totaled €350 million, up 9.5% year-on-year, with the EBITDA margin retreating by 0.2 percentage points, which is explained by “continued efforts to absorb some of the inflationary pressure, especially in food retail formats”.

According to information sent today to the Portuguese Securities Market Commission (CMVM), Sonae’s consolidated investment reached 684 million euros in the last 12 months, increasing 22%, with organic expansion of businesses and acquisitions.

Quoted in the statement, Sonae’s chief executive officer (CEO), Cláudia Azevedo, notes the “overall very positive performance” recorded by the group over the second quarter of this year, despite the “volatile” macroeconomic environment and “challenging competitive contexts”.

Regarding the group’s various business segments, Sonae highlights the 12.6% growth in MC’s food retail compared to the first half of 2022, in a semester in which the banner opened 18 new own stores.

In electronics retail, it says that despite inflationary pressures on purchasing power and the “highly competitive” environment, Worten managed to increase turnover (in both online and offline channels) in the categories of household appliances and electronics and also others, as a result of the marketplace and associated services.

Sonae also adds that it has intensified its corporate responsibility policy, emphasizing food donations, given the context of growing family difficulties. In this context, it states that community support increased 15% in the first semester, reaching 13.5 million euros.

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