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Sonaecom's profits increased fivefold in the 1st quarter to 25.5 million
Sonaecom recorded, in the first quarter of this year, profits attributable to the group of 25.5 million euros, a value approximately five times higher than the 5.2 million euros obtained in the same period, according to a statement to the market.
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Economia Sonaecom
In the note, released by the Portuguese Securities Market Commission (CMVM), the company said that this result is due to "the evolution of both the direct result and the indirect result".
In the period under analysis, the consolidated turnover reached 3.9 million euros, representing a reduction of 2.3% when compared to the same period last year. "This negative evolution was driven by both the Media area and Bright Pixel", it highlighted.
EBITDA (earnings before interest, taxes, depreciation, and amortization) reached 20.7 million euros, it indicated, "a significantly higher value" than the 6.5 million euros recorded in the first quarter of 2023, "due to the positive evolution of the contribution of the companies consolidated by the equity method".
According to Sonaecom, "the contribution of the companies consolidated by the equity method increased from 7.9 million euros to 23.5 million euros, due both to the increase in Sonaecom's stake in NOS", currently at 37.37% compared to 26.07% in the same period last year, as well as "to the extraordinary gain recorded in NOS resulting from the favorable decision of the Court regarding the cases of legal challenge on the Activity Tax charged by ANACOM [National Communications Authority]".
According to the information released by the company, the direct result increased to 22.4 million euros, compared to 7.8 million euros in the same period last year, "explained by the higher level of EBITDA".
The indirect result recorded a positive value of 3.1 million euros in the period under analysis, it highlighted, "mainly justified by positive impacts of the evolution of exchange rates and by adjustments to the fair value of some assets in Bright Pixel's portfolio".
Among Sonaecom's businesses is the newspaper Público, and according to the company, during the first quarter of this year, "and despite the growth in revenues from content and subscriptions, the lower contribution from advertising resulted in a slight decrease of 1% in revenues and a negative evolution in profitability" compared to the same period last year.
In another statement released today, Sonaecom also said that the Board of Directors appointed Ângelo Paupério as chairman. The company's secretaries and the representative for market relations were also appointed.
Read Also: Sonaecom pays 2023 dividends from May 16 (Portuguese version)
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