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.
“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.”
