Sonae’s profit fell by 17% to 179 million euros in 2022.

Sonae’s 2022 profit was 179 million euros, down 17% from the previous year, a decline that was justified by the company’s “commitment to be on the side of families while absorbing some of the inflation”, as announced this Thursday.

“Net attributable to shareholders, excluding non-recurring items, decreased by 17% in 2022 to €179 million,” the company said in a statement.

Sonae attributed this reduction to “the desire to be on the side of families absorbing some of the inflation.”

Added to this is an increase in costs and an indirect impact of -43 million euros “due to the deterioration in fashion retail, the devaluation of Sierra’s assets and the impact on the value of Bright Pixel’s assets.”

In the fourth quarter of 2022 alone, Sonae had a negative recurring net result of €10 million.

In turn, the consolidated turnover amounted to 7,700 million euros, an increase of 10.9% compared to the previous year.

Cumulative online sales during this period grew by 17% and exceeded 700 million euros.

Sonae’s underlying earnings before interest, taxes, depreciation and amortization and depreciation (EBITDA) rose 6% to 635 million euros.

In 2022, the group invested 1,000 million euros in Portugal.

Consolidated investments increased by 34% to 634 million euros.

In terms of portfolio management activities, Sonae invested 277 million euros (+42%) and received 301 million euros from asset sales.

Consolidated net debt fell to 540 million euros, “the lowest value this century.”

Last year, the company and its businesses created more than 1,200 jobs with a focus on retail, growing the workforce to around 48,000.

Sonae’s portfolio had a net worth of €4,000 million at the end of 2022, the same as the previous year.

In line of business, food retail (FC) had a decline in profitability, also due to inflation.

“In this demanding and challenging context, MC has been on the side of families, adjusting its value proposition to meet the needs of its customers and investing in expanding its store network to benefit a growing number of people.” , he stressed.

However, “the investments made and the recognition of these efforts to contain the impact of consumer inflation” resulted in a turnover of 6,000 million euros, an increase of 11.5%.

In the electronics segment, Worten’s turnover was €1,200 million, up 5.4% on 2021.

Turnover of fashion-focused Zeitreel rose 12% to 387 million euros, lower than in 2019.

Sierra, for its part, increased its non-retail assets under management to €1,300 million, or €700 million.

In the reporting year, Bright Pixel invested €48.7 million in portfolio companies and start-ups.

NOS’s turnover increased by 6.3% to €1,500 million and net income excluding capital gains from the sale of the towers was €138 million, down 4% from 2021.

In sports retail, ISRG sales grew by 8.6% year-on-year between August and October, and in financial services, the Universo card passed the one million user barrier.

Based on these results, Sonae’s board of directors will propose a dividend payment of €0.0537 per share.

In the same note, Sonae CEO Claudia Azevedo noted that there are always “unexpected risks” but looks to the future with confidence.

“This year is already full of dynamic projects and initiatives, full of innovation and sustainable development. We will continue to accelerate growth and work together to create a better future for all,” he said.