Issa brothers’ EG Group sees revenue increase by a quarter
The billionaire Issa brothers’ EG Group saw its revenue increase by 25% in 2022, despite an increase in operating costs amid a difficult trading environment.
The petrol forecourt group, which operates Euro Garages, Cooplands, Leon, and Cumberland Farms, saw its network expand to some 6,612 sites by the end of 2022.
The brothers, who also own Asda, saw their business pull in earnings (EBITDA) of $1.46bn (£1.22bn) for the year, an increase of 1.9%. Revenue for the group increased by 25.1% to $33.04bn (£27.5bn).
The Issa brothers, who founded the group, also own private equity firm TDR Capital.
EG Group also announced the sale of 26 American sites for $48m (£40m), following another recent set of US disposals worth a further $1.5bn (£1.25bn).
Zuber Issa, EG Group co-chief executive, said: “In 2022, we delivered a highly resilient performance, despite macro-economic 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.”