Logista earns 126 million in its first fiscal semester, 43.2% more, and raises forecasts

MADRID, 5 May.

Logista earns 126 million in its first fiscal semester, 43.2% more, and raises forecasts


Logista obtained a net profit of 125.8 million euros in its first fiscal semester (from October 2022 to March 2023), a figure 43.2% higher than that of the same period of the previous year, as reported this Friday by the company to the National Securities Market Commission (CNMV).

The distribution group has highlighted that its half-yearly results show growth in the main magnitudes despite having developed in a "complex" macroeconomic and geopolitical context, affected by inflationary pressures, the war in Ukraine and financial turmoil.

Logista's results for its fiscal first semester of 2023 incorporate its acquisitions of 60% of Transportes El Mosca, 100% of Carbó Collbatallé and 70% of Speedlink Worldwide Express.

Logista's revenues grew by 8.8% in its first fiscal semester, to 5,935.4 million euros, while its economic sales (ordinary revenues without supplies) totaled 833.8 million euros, 39.6% more , with widespread improvements across all businesses and geographies.

The operating profit (Ebit) of the group increased by 13.8% in its first fiscal semester, up to 146.1 million euros, while the adjusted Ebit amounted to 183.1 million euros, 22.6% more than in the same period of the previous year.

Following these results and in view of the estimated variation in inventories recorded to date, Logista has updated its forecast upwards at the end of the 2023 financial year to a growth of around 14% of the adjusted Ebit over that obtained in the 2022 financial year.

"This expected growth considers the foreseeable contribution of the acquired businesses and that the variation in inventory value is already registered for the most part during the first semester," the company specifies.

Likewise, and in line with its strategy of providing additional growth and diversification to the business, the group "continues to look for opportunities to acquire complementary and synergistic companies."

In any case, Logista has stated that maintaining the dividend policy will continue to be "a priority" for the company.

In Iberia (Spain, Portugal and Poland), Logista's economic sales totaled 547.8 million euros in its first fiscal semester, 62.3% more than in the same period of the previous year.

The company has attributed this evolution to the increase in tobacco prices, the increase in tariffs, and the greater distribution of convenience products, among other factors.

By activity, economic sales of tobacco and related products grew by 19.1% in Iberia compared to the previous year, up to 190.5 million euros.

Regarding economic sales in transport, Logista managed to double them, reaching 336.4 million euros, driven by the incorporation of new acquisitions.

In the pharmaceutical distribution business, its sales rose by 4.2%, to 46.4 million euros, while in its other businesses they remained more or less stable, with a total of 8.7 million euros.

In Italy, Logista's economic sales increased by 13.2%, to 176.9 million euros, while in France they grew by 5.4%, to 111.3 million euros.