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Cost-of-living: Billionaire Issa brothers ‘laser-focused’ on helping staff & customers despite profits falling


Billionaire Issa brothers 'laser-focused' on helping employees and brits through cost-of-living crisis despite profits slipping
In its results for the three months to June 30, group EBITDA fell 6.5% to £308m as group revenues rose 23.7% to £7.2bn.
// Zuber Issa: “The cost-of-living squeeze remains front of mind for all of us, and the group is laser-focused on supporting our employees and helping customers with value for money at this time..”
// The group revealed that HS2 chief financial officer Michael Bradley has been appointed as group CFO

As the cost of living crisis continues, the billionaire Issa brothers have said they are ‘laser-focused’ on helping both their staff and customers through the tough times.

Co-founder and co-chief executive of the group Zuber Issa made the comments as the group revealed its latest set of financial figures.

The accounts show that Asda‘s owner’s total revenue increased by almost 25% to £13.2bn during the first half of 2022 but amid the cost of living crisis and inflationary pressures profits for the second quarter slumped with group EBITDA falling from $645m to $625m over the same period.


Read More: Asda to make £450m swoop for Co-op’s forecourt business


For its second quarter, the three months to the end of June, EG Group’s total revenue did rise by almost 24% to $8.3bn but its group EBITDA fell by 6.5% to $355m.

On a like-for-like basis, its total revenue for the quarter increased by 18.4% to $7.9bn but its group EBITDA dropped by 11.7% to $334m.

In the same statement, the group EG Group said that HS2 chief financial officer Michael Bradley has been appointed as group CFO, replacing Paul Altschwager who is stepping down.

Along with the results, Zuber Issa said: “Despite a backdrop of challenging market conditions, we continued to perform resiliently in the second quarter of the year, supported by our geographically diverse portfolio and complementary foodservice, grocery and merchandise, and fuel operations.

“The cost-of-living squeeze remains front of mind for all of us, and the group is laser-focused on supporting our employees and helping customers with value for money at this time.

“EG’s robust performance over the quarter has demonstrated our adaptability, and while the economic outlook remains uncertain, we look forward to the second half of the year confident in our ability to outperform the wider market.

“Alongside acting as a responsible global convenience retailer, we recognise our role in contributing to a more sustainable future.

“We are pleased to be trialling our own-branded ultra-fast electric vehicle chargers in the UK and plan to introduce them to additional locations by the end of this year.

“This investment further supplements our existing network of approximately 250 electric charging points across 98 sites in the UK and Ireland, Germany and France. We also continue to explore the delivery of other low carbon fuels alongside our planned EV roll-out.”

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