PG sees strong growth in profitability through supermarket operations

The MSE Equity Price Index retracted by 0.28% to 3,629.860 points on Thursday, reflecting the declines in the share prices of GO and HSBC. On the other hand, APS, BOV, and BMIT closed unchanged as overall trading activity in equities remained muted at €0.04 million. PG plc published the financial results for the 2021/22 financial year. Revenues surged by 13.6% to a new record of just over €147 million reflecting the further growth achieved by Supermarkets & Associated Retail Operations as well as the improved economic climate following the peak of the COVID-19 pandemic which boosted the amount of sales generated by franchise operations’. Overall, the company reported a net profit of €12 million which is 14% higher than the previous comparable figure of €10.6 million and translates into a return on average equity of 23%. In their commentary, the directors explained that despite the prevailing challenging macroeconomic conditions, PG started the 2022/23 financial year on a positive note from a revenue perspective although the increase in cost pressures are translating into lower margins. PG said that it remains confident on the outlook for the coming years on the back of its solid...