The first half of 2022 ended with a double-digit increase in sales and profits of the Jumbo group, refuting – at least for the moment – the pessimistic forecasts of its head, Mr. Apostolos Vakakis. However, in a statement accompanying the publication of the half-year financial results, management insists on these pessimistic forecasts, that is, they expect sales growth for the whole of 2022 by 2%-5% and net income in the range of 174-195 million euros. with a more likely development of a positive scenario. This means that a significant decline in sales is expected in the second half of the year as a result of a potential disaster for households due to increased heating costs. The discrepancy, which, if it leads to a reduction in consumption, will have a much stronger effect, since 28% of the group’s turnover occurs at Christmas.

However, Jumbo’s good price, in addition to its financial results as such, is evidenced by the fact that, on the one hand, it has not yet activated its share buyback program, and, on the other hand, it continues to receive Christmas “bonuses”. to its shareholders with the payment of an emergency cash distribution on December 15, 2022. That said, of course, he speaks of a strong uncertainty, the consequence of which is the delay of investments planned for 2024. In particular, according to what was announced yesterday by the listed company on AA group posted a turnover of €354 million in the first half of 2022, up 12.82% compared to the corresponding period last year of €313.78 million. 115.78 million euros compared to 103.24 million euros in the first half of 2022. Consolidated net income after tax was 78.56 million euros compared to the same period last year, which amounted to 67.18 million euros, i.e. increased by 16.94% Group cash remains strong as cash and cash equivalents and other current financial assets totaled 72 €1.12 million as of June 30, 2022 compared to €755.45 million as of June 30, 2021. In fact, they were up by €435.45 million, leaving the group with negative net debt.

Group management expects a significant decline in sales in the second half of the year.

In the spring, the group opened a store in Mytilene, and before Christmas they will open another store in Romania. Also by the end of the year, the first Jumbo store in Israel is expected to open, which will be opened under a franchise system based on the group’s agreement with Fox-Wizel.

Two more stores are expected to open in Romania and one store in Cyprus in 2023. It is also expected to launch an online store in Romania.

Finally, a self-consumption photovoltaic installation program is currently underway at 28 Jumbo construction sites in Greece and Cyprus, which began in 2021.