Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Birmingham Post
Birmingham Post
Business
Jon Robinson

Sales surge 25% at 'resilient' EG Group owned by billionaire Issa brothers

Sales at EG Group surged by more than 25% during the first quarter of its financial year, according to new figures.

The Blackburn-headquartered group has posted a total revenue for the three months to March 31, 2022, of $6.910bn, up from the $5.522bn it achieved during the same period in 2020.

The group's EBITDA also increased from $265m to $270m.

READ MORE: Click here to sign up to the BusinessLive North West newsletter

The results come after the Issa brothers, who separately own Asda, were beaten by Morrisons in a bid to rescue McColl's out of administration.

The group's gross profits from grocery and merchandise increased from $290m to $293m while fuel gross profits rose from $416m to $481m.

Foodservice gross profits jumped from $114m to $175m during the three months.

Zuber Issa CBE, co-founder and co-CEO of EG Group, said: "EG Group performed resiliently in the first three months of the year.

"Against an uncertain and fast-changing backdrop, the business continued to make good progress against its strategic objectives across the group’s operations.

"The strong performance in foodservice was supported by UK acquisitions from 2021 that contributed $40m of gross profit across the quarter, while the business continues to benefit from ongoing investment and the rollout of new sites, including our proprietary brands and partnerships with franchise partners.

"This momentum only serves to underline our belief that foodservice represents the biggest opportunity for EG Group globally.

"The outlook for the year remains uncertain with household budgets already coming under significant inflationary pressure.

"However, we remain confident that the geographic diversity of our business and our highly complementary grocery and merchandise, foodservice and fuel operations will continue to underpin our resilience and allow us to outperform the wider market."

The group recently announced plans to create more than 32,000 jobs globally over a five-year period.

It also completed a deal to acquire almost 300 service stations in Germany for €485m.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.