EG Group hails ‘resilient performance’ in tough economic environment

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Petrol forecourt company EG Group has reported a “resilient performance” through its foodservice, grocery and merchandise, and fuel services despite a tough year that saw elevated operating costs.

In the full year to December 31, group EBITDA rose by 1.9% to $1.46bn (£1.23bn) while total revenue rose 25.1% to $33.04bn (£27.7bn) including recent acquisitions.

EG’s foodservice business is reported to have made “good progress” and 88 new outlets opened in 2022.

Grocery and merchandise benefited from its strategic partnership with Asda in the UK and it opened its 100th Asda On the Move convenience store in February 2023.

Fuel volumes declined 0.5% year on year but EG’s electric vehicle charging proposition, EV Point, now has 21 sites.

The company also reported its fourth-quarter results, which saw EBITDA decrease by 9% year on year to $323m (£270m). Total revenue grew 14.2% to $7.99bn (£670bn).

Co-founder and co-CEO Zuber Issa said: “In 2022, we delivered a highly resilient performance, despite macroeconomic headwinds. We continued to expand our successful foodservice business through disciplined investment in our unparalleled offering and ongoing innovation across proprietary and popular third-party brands.

“The grocery and merchandise business also performed well in 2022 and customers continue to respond positively to our converted Asda On the Move convenience stores. We again made good progress in fuel against a highly competitive backdrop across our markets and are encouraged by our ongoing trial of ultra-fast chargers and infrastructure, EV Point, in the UK, as part of our energy transition plans to lower-carbon fuels.

“Looking ahead, we remain confident that EG is well-positioned to continue to outperform the wider market and execute our strategic objectives. I would also like to thank our colleagues for their dedication, hard work and resilience over the past year.”