Romania’s Profi Confirms Strong Growth in 2023
Romanian food retailer Profi has reaffirmed its strong growth trajectory of recent years, reporting an 11% annual increase in revenue in 2023, to RON 12.9 billion (€2.6 billion).
This follows on from an impressive 22% increase in 2021. This consistent growth builds on a five-year compound annual growth rate (CAGR) of 16%.
Net Profit Performance
Net profit dropped from a negative RON 286 million (€57 million) in 2022 to a negative RON 213 million (€43 million) in 2023.
Profi’s commitment to growth is further highlighted by its store expansion in 2023. The retailer opened or remodelled 160 stores, with 87 being brand new locations – the highest number in modern Romanian retail.
This expansion was achieved while maintaining a strong and stable cash position, even after repaying hundreds of millions in bank debt during the year.
The true measure of Profi’s business performance can be seen in its IFRS EBITDA performance – this metric saw a 17% increase in 2023 compared to the previous year, reaching RON 690 million (€139 million).
Profi Network
Profi’s network consists of over 1,713 stores across nearly 850 Romanian cities and villages. It caters to its 1.2 million daily customers through four store formats – Profi Super, Profi City, Profi Go, and Profi Loco.
Last October, Dutch retail group Ahold Delhaize acquired Profi from MidEuropa Partners for €1.3 billion. Romania’s Competition Council is currently investigating the proposed deal, with a decision likely later in the year.
ESM
Related news
In the first five months of the year, retail sales in Romania increased by 8 percent
In the first five months of the year, retail sales…
Read more >A criminal group dealing in fake and illegal plant protection products and fertilizers has been busted in Romania and Italy
A criminal group was involved in the illegal trade of…
Read more >Lactalis to shut another dairy plant in Romania
The French dairy giant has largely grown its Romania operations…
Read more >Related news
June is characterized by a stable inflationary environment in Hungary
The annual inflation in Hungary could remain below the central…
Read more >Another successful trade fair presence by the Future Store
Trade magazin, the official journal of SIRHA Budapest 2024 was…
Read more >This is how domestic chains fight against food waste
For many customers, it is still not clear how much…
Read more >