// Zuber Issa: “The cost-of-living squeeze remains front of mind for all of us, and the group is laser-focused on supporting our employees and helping customers with value for money at this time..”
// The group revealed that HS2 chief financial officer Michael Bradley has been appointed as group CFO
Asda’s billionaire owners the Issa brothers have said they are ‘laser-focused’ on helping both their staff and customers through the tough times.
Zuber Issa made the vow as he revealed that EG Group, the petrol station business in which the brothers made their fortune, sales surged almost 25% to $13.2bn during the first half of 2022 but group EBITDA dipped from $645m to $625m over the same period.
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In its second quarter to the end of June, EG Group’s total revenue rose by almost 24% to $8.3bn but its group EBITDA fell by 6.5% to $355m.
On a like-for-like basis, total revenue for the quarter increased by 18.4% to $7.9bn but its group EBITDA dropped by 11.7% to $334m.
Foodservice continues to be the star performer at the group, with profits jumping 10.7% to $177m (£153m) in the second quarter and a 28.9% increase across the first half to $352m (£305m).
Grocery and merchandise gross profits inched up 0.4% to $346m (£300m) in the second quarter and 0.8% to $662m (£574m) across the half-year on a reported basis.
EG Group co-founder and co-CEO Zuber Issa said: “Despite a backdrop of challenging market conditions, we continued to perform resiliently in the second quarter of the year, supported by our geographically diverse portfolio and complementary foodservice, grocery and merchandise, and fuel operations.
“The cost-of-living squeeze remains front of mind for all of us, and the group is laser-focused on supporting our employees and helping customers with value for money at this time.
“EG’s robust performance over the quarter has demonstrated our adaptability, and while the economic outlook remains uncertain, we look forward to the second half of the year confident in our ability to outperform the wider market.”
Issa also revealed the group would start trialing own-brand, ultra-fast electric vehicale chargers in the UK as part of its role in “contributing to a more sustainable future”.
EG Group has also hired HS2 chief financial officer Michael Bradley as group CFO, who replaces Paul Altschwager.
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