Jumbo Group's net profit increased by 21.88% in 2023 from 2022 and amounted to €303.00 million, the company announced today.

The difficult strategic choice of daily price reductions at Jumbo stores, in an uncertain international environment, with plenty of inflationary triggers, is finally paying off and is now finding many imitators, the company said in a statement, adding: Consumers have responded to the Group's policy, which has imposed price reductions on thousands of product codes and continues by excluding unfairly overpriced items from the shelves, leading to an increase in sales volume in all countries where the Group operates.

In 2023, the group's net profit amounted to €303.00 million, recording an increase of +21.88% compared to 2022.

Management will propose to the General Meeting of Shareholders, the distribution of a dividend of €1.00 (gross) per share, representing approximately 45% of the group's net profit.

Jumbo Group management declares its readiness to contribute in every way to the efforts of governments to bring prices into line with consumer incomes and supports any initiative (e.g., baskets of seasonal products at extremely reduced prices) aimed at normalizing the market and the smooth operation of the supply chain.

Although sales and profitability indicators are optimistic to date, due to the volatility of the war in the Middle East, management will review its estimates for the full year 2024 with the announcement of April sales, which capture four-fifths of the total Easter season.

RESULTS IN DETAIL

Group sales exceeded the €1 billion mark. In 2023, turnover increased by +13.90% compared to 2022, to €1,081.39 million.

The gross margin was maintained at 55.77% from 55.92% in the previous corresponding period due to a slight deceleration in transport costs.

The Group's Earnings Before Interest, Taxes, Depreciation and amortization (EBITDA) amounted to €398.10 million from €336.75 million in the previous corresponding period, representing an increase of +18.21%. The Group's net profit amounted to €303.00 million, recording an increase of +21.88% compared to €248.60 million in 2022.

As at 31, 2023, the Group was net cash positive by €370,41 million versus €522,48 million as at 31.12.2022. The company, taking advantage of its strong and sound financial provision, proceeded in May 2023, with the pre-payment of the ordinary bond amount of EUR 200 million issued in 2018 maturing in 2026, without any fees or other costs. The total cash distribution for 2023 was €2,947 per share (gross) before withholding tax.