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Sonae beats pre-pandemic results with profits of 158 million as of September - Commerce

Sonae beats pre-pandemic results with profits of 158 million as of September – Commerce

After noting a return to normal in the first half, by reversing losses, it only took a quarter for Sonae to go further, even in the “difficult” context of the pandemic. With a profit of 158 million euros as of September, the group exceeded the results of the same period in 2019 (131 million euros).

This performance comes after consolidated sales reached a “record value” of €5,014 million, following a 4.7% year-over-year increase, “mainly powered by positive contributions from Sonae MC and Worten, which continued to strengthen their leadership positions”, amounting to The group, in a statement sent this Wednesday to the Portuguese Securities Market Authority (CMVM).

Consolidated online sales didn’t disappoint either, although the basis for comparison is an “exceptional” year for 2020, with Sonae noting the 29% growth figures as “clear evidence of the successful implementation of Sonae’s digital path.”

Operating profitability also improved: core EBITDA (EBITDA) increased 5.6% year-over-year to €415 million, while EBITDA grew 23.1% to €415 million. 531 million euros, also benefiting from “significant capital gains from investment activity”.

Sonae’s total investment in the first nine months of the year was €355 million (with OPEX increasing 10.1% to €182 million), with a focus on mergers and acquisitions of €174 million.

Between January and September, the group founded by Belmiro de Azevedo also showed “a strong generation of liquidity, which he attributed to “strong corporate performance and portfolio management activity”, while reducing net debt (by 375 million years-year to 857 million euros).

Indicators that, for Sonae, provide “a very strong financial position that allows the group to meet future challenges and explore emerging opportunities”.

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