EG Group has seen a 12% increase in underlying EBITDA in its second quarter, reaching £214m ($282m), driven by strong performances in both the US and Europe.
The forecourt giant’s gross profit rose 5% on a like-for-like basis, thanks to strong performances across its fuel and grocery & merchandise divisions.
Across the pond, EBITDA surged by over 25% due to successful initiatives in dispensed beverages and improved margins in its grocery & merchandise arm.
While Europe saw a 10% rise in EBITDA, driven by a “strong fuel performance in Germany “.
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The business has also made progress in its strategic restructuring.
The sale of its 216 KFC franchise restaurants in the UK and Ireland was completed back in April, and EG is now on track to finalise the sale of its remaining UK forecourt business and certain standalone food service locations to co-founder Zuber Issa by the fourth quarter of 2024.
These transactions are expected to further strengthen the group’s balance sheet and assist in debt repayment.
EG Group co-founder and CEO Mohsin Issa said: “EG Group delivered a strong performance in Q2, with underlying EBITDA increasing by 12%, powered by standout results in the USA and Europe.
“This excellent quarterly performance is due in no small part to the hard work of our global colleagues, and I thank them for their continued efforts as we advance our strategic objectives.”
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