The Norwegian food group Norgesgruppen hoped in the first half of the year
Thursday 30th of August
Phase after the first six months of the year shows that the grocery giant accounted for NOK 42.7 billion. Norgesgruppen increased turnover by 2.4 per cent in the first half of the year. Total revenues totaled NOK 42.7 billion, up from NOK 41.7 billion last year. Operating income also improved by NOK 1.62 billion, compared to NOK 1.39 billion in the same period last year. It shows the company’s fresh half-yearly report, which was announced Wednesday afternoon. The company reports that the operating margin (EBIT) is 3.8 per cent in the first half, compared to 3.3 per cent at the same time last year. Operating profit before depreciation and amortization (EBITDA) fell by NOK 254 million to NOK 2.44 billion, the annual report shows. The reason for this is, among other things, that the company made larger property sales last year. “In addition to major transactions on property sales, earnings in the first half of 2017 were affected by structural changes in Dagrofa,” the company writes in the report. The company writes in the report that dividends of NOK 16 per share have been paid during the period. Earnings per share in the first half ended at NOK 30.2 per share. grocery Growth The Norwegian group’s grocery chains increased sales by 2.3 per cent in the first half of the year. The overall growth in the grocery industry was 2.0 percent, analyst Nielsen reported in July. “Effective operations and strong chain concepts help keep the market margins stable despite strong price competition and low market growth,” Norgesgruppen writes in the report. As E24 has written earlier, the particular sales share of supermarkets has fallen steadily in recent years. In July it became known that the Norgesgruppen-owned Meny lost 0.4 per cent of the market share in the first half, compared to the same period last year. Norgesgruppen describes in the profit and loss report that this is due to the fact that the chain has closed down two of its stores. My comment on this is: It’s our food we’re talking about! What makes us survive for a while down here on earth. Norgesgruppen is not alone in the Norwegian market. All food barons are multimillionaires. That companies will be on multimilliaries on sale, giving them power in our community system, giving them the ability to decide on range and price. I live in the poverty line here, and have almost nothing left after the food is paid for the month. It costs so much that more increases will pull me off this planet!