Brazil's third-largest retailer, Grupo Mateus, has announced an 18% year-on-year increase in net profit to 347.5 million reais (€57.7 million) for the second quarter of its 2024 financial year.
In the same period, revenue at the business rose by 18.8% to 7.6 billion reais (€1.3 billion), up by 4.8% on a like-for-like basis.
Retail Contribution
Its supermarkets, hypermarkets, and neighbourhood stores contributed 2.05 billion reais (€341 million), cash & carry 4.76 billion reais (€791 million), wholesale 1.53 billion reais (€254 million), and furniture and electronics 315 million reais (€52 million).
Operating expenses climbed 19.2% to 1.2 billion reais (€199 million), while EBITDA increased by 17.2% to 562.5 million reais (€93 million), resulting in an EBITDA margin of 7.2%.
Despite increased investments, Grupo Mateus said that it is maintaining a conservative financial position with a net debt of 583.7 million reais (€97 million) and a leverage ratio of 0.3 times net debt to adjusted EBITDA.
During the second quarter, the company invested 314 million reais (€52 million) in fixed assets (+16.5%), as well as the opening of three supermarkets (in the state of Maranhão) and two cash & carry stores (in Ceará and Bahia).
New Cash & Carry Outlet
Following the publication of its second-quarter financials, Grupo Mateus opened a new cash & carry outlet in João Pessoa, Paraíba, its second location in the city. With this opening, the company now operates nine stores in Paraíba, including four in the João Pessoa metropolitan area.
Present in North and Northeast Brazil, Grupo Mateus has been actively expanding its footprint in recent years, opening a total of 11 new stores in 2024, bringing its total store count to 267, comprising 76 supermarkets, hypermarkets, and neighbourhood stores; 87 cash & carry stores; and 104 furniture and electronics stores.
