France’s Agrial reports sales dip as pandemic still hurts

Source: Fresh Plaza

Agrial,  France’s largest agri-food cooperative group stated yesterday that its 2020 sales had dropped as it suffered from prolonged bar and restaurant closures due to COVID-19. However, deep cost cuts enabled the group to still increase its profits.

The group reported sales of 6.0 billion euros for 2020, down from 6.1 billion in 2019 but net profit rose to 69 million euros from 52 million the previous year. The debt stood at 2.1 billion euros at the end of 2020.

The group’s catering sales fell 17%, which was not compensated for by a 2% rise in sales in supermarkets, the group said. Exports dropped 7%, hit by border closures and global upheavals due to the pandemic.