Portuguese retail and services group Sonae has posted an increase in turnover of 7.2% to €5.4 billion, surpassing the five billion euro mark for the first time ever, the company said.
It saw an EBITDA growth of 5.9% in 2016, and had a presence in a total of 89 countries.
Ângelo Paupério, Co-CEO of Sonae, said of the results, "For Sonae, 2016 was a year of significant progress in the implementation of corporate strategy and in the diverse areas of activity, culminating in important results in terms of growth and strengthening of competitive positions in main businesses.
"We evolved towards an organisation of more autonomous, agile, and focused business areas, capable of better responding to the speed of change in the markets in which they operate. We paid particular attention to the strengthening of retail businesses, shopping centres and telecommunications."
He said Sonae enhanced the quality of its portfolio with the inclusion of Portuguese jeans wear company Salsa and health food restaurant operatorGo Natural. It also created a "strong Iberian sports operator" in its dealings with UK sport retailer, JD Sports.
Net debt was again reduced this year, he added, while reinforcing capital structure.
Sonae will enter 2017 as a "better, stronger company", with an improved portfolio, Paupério concluded.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Karen Henderson. Click subscribe to sign up to ESM: The European Supermarket Magazine.
