ZAP
Owner of the Continent wants measures similar to those at the start of the war in Ukraine. Absorbing increases in fuel does not always last.
Sonae e Jerónimo Martins spoke, on the same day, about the increase in the prices of fuels, what does escalate prices in different sectors.
Claudia Azevedo, president of Sonae, wants measures similar to those at the start of the war in Ukraine, in 2022: “Obviously We really like zero VAT”.
The leader of the company that manages Continente does not hide that prices in supermarkets, which have not yet risen in general, may rise soonbecause of .
But he believes in a joint solution, which could involve suspending VAT on essential food products: “All players of the value chain must play their role. And the State is one of them. Last time, he did it in a responsible way. I think this time we will find a solution, all together, and mitigate the shock”.
Oil is more expensive and this is not a detail for Sonae: “In the food distribution business, the entire value chain is greatly affected by the price of oil”; but the impact largely depends on the duration of the war.
On the side of Jerónimo Martins, the executive president Pedro Soares dos Santos admitted that the rise in fuel prices is already impacting the company.
It is still possible to “absorb” these increases – but it will not be permanent. “We’ll see to what extent it’s possible or not to take it.” In these scenarios, it is necessary to wait for developments: sometimes, changes only appear “months later”.
Os fertilizers are an example: “We know that they are already buying at a much higher price for the next harvest. This could have an impact later on. It is not possible to measure it at the moment.”
But the leader of Pingo Doce questions the usefulness of zero VAT: “It has much more to do with the impact on the consumer than with us. It rewards those who are well off and rewards those who are less well off. I don’t know if it is the most balanced and fairest measure for those who have less. I am always divided on this matter. But it essentially benefits the consumer, not the company.”
Sonae and Jerónimo Martins presented their 2025 financial results this Thursday. Sonae had an “extraordinary year”: profit of 247 million euros, an increase of 11% compared to the previous year. Jerónimo Martins had profits of 646 million euros last year, up 7.9%.
