EG Group hails strength of foodservice business as first-quarter profits rise
EG Group has hailed the growth of its foodservice business after delivering increased profits in the first quarter.
In a trading update for the three months to March 31, the petrol station business, owned by billionaire brothers Zuber and Mohsin Issa, reported a 5.8% increase in group EBITDA to $265m (£186.9m).
The main driver of growth for the business during the period was in foodservice with gross profits for that arm of EG Group soaring to $109m (£76.9m) – up from $45m year on year.
Group revenues for the period fell 7.1% to $5.3bn (£3.7bn), with fuel sales in particular affected by coronavirus restrictions curbing travel – down 5.3% to $415m (£292.8m).
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