The billionaire brothers at the helm of petrol station giant EG Group are celebrating rocketing revenue and profits as the company - which launched its first forecourt business in Bury - bounces back from the Covid pandemic.
Founded by co-chief executives Zuber and Mohsin Issa, the Blackburn-based firm has seen a total revenue of $11.839bn in the first half of its financial year, an increase of 20.2 per cent from $9.852bn.
The success has been helped by EG's acquisition of Leon Restaurants in April, BusinessLive reports.
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EG Group added that Leon's performance had been "pleasing" during its latest quarter and that it plans to open about 10 locations by the end of 2021.
In a joint statement, the brothers said: "We continued to make good progress in the second quarter, with a particularly strong performance from our Foodservice business, driven by growth in customer demand for takeaway and delivery services and the easing of Covid restrictions across many of our countries.
"The group’s latest performance is further validation of our successful global strategy.
"We are also pleased to have completed the acquisition of Leon Restaurants and look forward to expanding its offering with c.10 new restaurant openings planned this year, including the brand’s first-ever drive-thru.
"The resilience of our business model has been demonstrated during the pandemic, and we have emerged as an even stronger business as we enter the second half of the year with confidence."
EG Group has also confirmed its gross profits from groceries and merchandise increased from $283m to $351m in the second quarter and from $588m to $645m in the first six months of the year.
Its foodservice gross profits jumped from $46m to $153m in the second quarter and from $91m to $263m in the first half.
Fuel gross profits also went from $438m to $478m and from $876m to $893m respectively.
The group's net debt increased from $8.928bn in March 2021 to $9.105bn by the end of June.
German anti-trust authorities are currently reviewing EG Group’s agreement to acquire 286 filling stations in the country from OMV Group, with the transaction expected to complete in the second half of 2021.
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