Sonae sees profit rise 34.2% in the first half
It's been a positive first six months of the year for Sonae, with the Portuguese retail company announcing "improvements in the profitability of all businesses" and 98 million euros in net earnings, a 34.2% increase compared to the 73 million reported in the same period in the previous year.
In a press release, Sonae Co-CEO Ângelo Paupério stated that "the growth achieved in the 2nd quarter allowed Sonae to end the 1st half of 2018 with a turnover increase of more than 6% over the same period last year," going on to highlight a 11.1% rise in EBITDA, which reached 154 million euros.
In the first half of the year, turnover totalled 2.68 billion euros, a 6.6% increase compared to the prior year period, thanks, in particular, to Sonae Retail, which "contributed with an additional € 167M".
In the same release, Sonae also points out how it has continued to reinforce its financial stability during this period, having reduced its net debt by 95 million euros to 1.32 billion euros in the first half of the year. The ratio of net debt to invested capital came to 38.3%, down 2.8 p.p. compared to the first half of 2017.
The company's indirect results totalled 68 million euros, more than doubling those reported in the first six months of 2017. This growth was attributed by Sonae to "portfolio revaluations and capital gains at Sonae IM, and also [to] the value created in investment properties of Sonae Sierra."
Sonae also revealed that its capital expenditure rose 30 million euros in the space of a year and now totals 151 million euros, mainly due to the "higher capex level of Sonae MC related with refurbishments and Sonae IM related to M&A."
The company went on to point out that in the last 12 months it has created more than 1,700 jobs, closing the first half of 2018 with a total of 45,000 employees.
Copyright © 2022 FashionNetwork.com All rights reserved.