Jumbo Group says sales, profits up in first half

Jumbo Group on Monday reported a 10.22 pct increase in its six-month sales for the fiscal year July 2017-June 2018, totaling 442.96 million euros from 401.90 million in the corresponding period last year.

Greek stores’ sales rose slightly despite a decline in the school season, while sales in Cyprus grew around 5.0 pct, in Bulgaria sales jumped 23 pct and in Romania sales soared more than 50 pct in the July 2017-December 2017 period. Jumbo Group launched a new superstore in Suceava Romania in the first half of the year. Gross earnings totaled 222.97 million euros from 205.73 million last year for an increase of 8.38 pct, gross profit margin fell to 50.34 pct from 51.19 pct, hit by rising transport costs. EBITDA totaled 129.24 million euros in the first half up 10.13 pct from last year, while net profits totaled 90.42 million euros from 81.41 million, an increase of 11.06 pct.

Jumbo Group management approved a pre-dividend payment of 0.1728 euro per share, or 0.1469 euro per share after tax.

The Group launched a new store in Bucharest, Romania, a few days ago, raising its network to 75 stores, of which 51 in Greece, five in Cyprus, nine in Bulgaria and 10 in Romania.