Bumper profits for Sonae

Sonae's profit reached €268 million last year, against €71 million in 2020, being "the highest value in the last eight years", announced the group that owns the chain of Continente supermarkets.

By TPN/Lusa, in Portugal, Business, Company News · 17 Mar 2022, 14:07 · 1 Comments

"Given the growth of the business and the success of the active management of the portfolio, Sonae's net income (attributable to shareholders) reached 268 million euros, above the values of 2020 and 2019 and being the highest value of the last eight years" , says Sonae, in a statement sent to the Portuguese Securities Market Commission (CMVM).

In the period under review, turnover increased by 5.3% and "reached a record of over seven billion euros".

Income before taxes, interest, depreciation and amortization (EBITDA) grew by 18.4% to 738 million euros and underlying EBITDA increased by 4.5% to 603 million euros.

"In the last financial year, Sonae invested a total of 474 million euros, with operating capex growing by 5.8% to 279 million euros", says Sonae.

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Comments

Congrats to the record profit! Please use some of it to employ more cashiers at Continente. Recent experience in Pombal at lunchtime: there was only one single lane occupied with a cashier (out of seven possible slots) resulting in a lane of more than 12 customers waiting patiently in line. And this when most of the customers are most probably spending unnecessary time in their short lunch breaks. Some room for improvement, isn‘t it?

By Wolfgang Moellers from Beiras on 18 Mar 2022, 15:34