Portugal-based Jeronimo Martins has announced that its net profit came in higher during the first half of 2012, up 5.6 per cent to €152m, boosted by its Polish Biedronka operation.
Consolidated sales through the six-month period climbed 7.5 per cent on the previous year to €5.1bn, with earnings before interest, taxation, depreciation and amortisation (EBITDA) up 5 per cent.
Biedronka maintained its growth trend during the half with sales and EBITDA increasing by 18 per cent and 25 per cent respectively.
'Even in a context of slowdown of economic growth, the strength of Biedronka's business model in Poland and its clear leadership in the market support my firm belief that the company will continue to deliver strong sales and earnings,' said Pedro Soares dos Santos, CEO of Jeronimo Martins. 'In Portugal, we made an important investment in the second quarter, targeting long-term competitiveness. Sales and market share improvements are being delivered and remain important strategic targets.
'The strong performance in Poland confirms the group's positive outlook regarding the growth in sales and earnings for 2012,' he added.
Growth in the half came despite lower profitability in the second quarter of the year, with year-on-year net profit down 4 per cent to €84m. Sales for the second quarter climbed by over 6 per cent to €2.7bn.
