EG Group reports increased profits
EG Group has seen its underlying EBITDA rise by 8% to $300 million in its third quarter after good performances in its grocery & merchandise and food service sectors.
In the three months to 30 September, the petrol forecourt operator and convenience group increased its grocery & merchandise gross profit by 4% to $344 million as foodservice gross profit rose by the same percentage to $117 million.
For fuel, higher volumes in France and Italy were partially offset by the US. At a group level, volumes increased by 3% in the period to drive gross profit growth.
Last month, the group completed the sale of its remaining UK forecourt business and certain standalone foodservice locations to EG Group co-founder Zuber Issa.
Mohsin Issa, co-founder and chief executive of EG Group, said: “The group made progress with its deleveraging strategy, with the disposal of the remaining UK forecourt business to Zuber completing at the end of October.
Never Miss a Retail Update!“Using the proceeds from this transaction and other non-core asset disposals, the group fully repaid the bridging facility in November 2024, with the remaining proceeds to be used to repay senior debt.”
He added: “As a leading global independent convenience retailer, EG Group has a differentiated customer proposition that is supported by well-known premium brand partnership and proprietary brand offerings.
“Now with a strengthened balance sheet, the group has the resilient operations and scale to win in an industry where size is vital for success.”
