EG Group makes good progress as revenue increases by 25%
The Issa brothers’ EG Group has said it made made good strategic progress in the year to 31 December, despite a challenging trading environment and increased operating costs.
On a constant currency basis, EBITDA edged up 1.9% to $1.46 billion at the retail and fuel forecourt empire, while total revenue rose by 25.1% to $33.04 billion.
Trading was boosted by an expansion of the group’s site network which stood at 6,612 sites by the end of the year. This was mainly driven by EG’s acquisition of 285 forecourts in southern Germany from OMV last May.
EG Group’s brands include Euro Garages, Cooplands, Leon and Cumberland Farms. The Issa brothers also own the Asda supermarket chain together with private equity firm TDR Capital.
Zuber Issa, co-founder and co-chief executive of EG Group, said: “In 2022, we delivered a highly resilient performance, despite macro-economic headwinds. We continued to expand our successful Foodservice business through disciplined investment in our unparalleled offering and ongoing innovation across proprietary and popular third-party brands.
“The grocery and merchandise business also performed well in 2022 and customers continue to respond positively to our converted Asda On the Move convenience stores. We again made good progress in fuel against a highly competitive backdrop across our markets, and are encouraged by our ongoing trial of ultra-fast chargers and infrastructure, evpoint, in the UK, as part of our energy transition plans to lower-carbon fuels.”
EG has also announced that it has agreed to sell 26 non-core sites under the Minit Mart banner in its central USA portfolio for $48 million.
Earlier this month, the group also revealed that it has sold a $1.5 billion portfolio of sites on the east coast of the US to Realty Income Corporation.
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