EG Group, founded by the Issa brothers, has reported a drastic decrease in pre-tax profits from $1.4 billion to $10 million. This decline is attributed to the $1.3 billion gained from the sale of its UK convenience store network to Asda, which boosted previous profits. Operating profit also decreased from $2.2 billion to $856 million, while adjusted EBITDA rose slightly. The company faced declining like-for-like revenue, reflecting challenging market conditions. Founded in 2001, EG Group now operates across nine countries, with the US being its largest market.
The sharp decline in profits is primarily due to the absence of a $1.3 billion windfall from the disposal of EG's UK convenience retail business.
Although operating profit fell significantly, adjusted EBITDA increased modestly, showing the company’s resilience amidst challenging market conditions.
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