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AICEP
Agência para o Investimento e Comércio Externo de Portugal

CABEÇALHO

The Group led by Cláudia Azevedo registers record sales of €1.7 billion in the first quarter, reduces debt and values the portfolio, managing to "overcome the challenges" caused by the war.

Sonae reported a net profit attributable to shareholders of €42 million in the first quarter of this year, which it justified by the “solid operational results of all businesses combined with the value-accredtive portfolio management operations in the period”. In the first three months of 2021, which coincided with a period of lockdown in several countries, including Portugal, the northern group had earned just €1 million.

 

Between January and March, consolidated turnover rose to a new record €1.7 billion following year-on-year growth of 5%, driven mainly by MC (food) and Zeitreel (fashion), with EBITDA rising 17% to €149 million. Net debt decreased by almost €600 million, while the net value of the portfolio increased by €65 million compared to December, reaching €4.1 billion.

“These results were accomplished in a very challenging context, marked by the Russian invasion of Ukraine. Although Sonae has no direct material exposure to these countries, our businesses have already felt the indirect ripples of this conflict, namely from higher energy prices, overall inflation and supply chain constraints, but have been able to fend off these headwinds,” underlines CEO Cláudia Azevedo, in a note published at CMVM.

 

The CEO promises that the Maia-based group will remain “focused on serving our customers across all markets and on future-proofing our portfolio of investments”. “Regardless of how the global economy and financial markets evolve, our group of companies, solid financial situation and skilful teams position us well to manage through this cycle of uncertainty, continue to reinforce our competitive positions and capture the opportunities that lie ahead,” she adds.

In the last 12 months, the group controlled by Efanor, the holding company of the Azevedo family that will be transformed into a European Public Limited Company, invested €516 million, with €110 million being spent on acquisitions in the first three months of this year alone. The largest slice (83.5 million) went towards the purchase of an additional 10% stake in Sierra, which now owns 90% of the real estate company that opened a new chapter in management and strategy at the end of last year.

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