Assai still is a reference in Brazil for its investments in clean energy
SÃO PAULO, March 8, 2021 Assai Atacadista (NYSE: ASAI) starts on March 8 the trading of its American Depositary Shares (ADSs) in the New York Stock Exchange (NYSE), under the “ASAI” ticker. After the split-off from CBD, concluded this month, the self-service retail company will operate more independently, focusing on its business model and on its own market opportunities. The Company’s board will participate in the symbolic online ceremony celebrating the listing of the ADSs on the 9th.
Assaí, controlled by French Group Casino is the second largest retail company in Brazil in gross income and the only Cash&Carry listed in the Brazilian stock exchange. Assai debuted in the country in March 1, 2021. Its stocks soared almost 400% that day.
“The NYSE listing represents an opportunity for increasing liquidity, visibility and for Assaí’s shares to increase value in the international market.Also, this is yet another commitment the Company has taken toward a Corporate Governance model more aligned to global good practices”, says Gomes, Assaí’s CEO.
Giant in numbers
Assaí recorded net profit of R$299 million in the last quarter of 2020, which represents a 31% increase compared to the same period of 2019, according to the last balance sheet. Even in a challenging year, due to the pandemic and in light of the scenario of the Brazilian economy, the company kept the pace of its expansion and market share gains, creating even more jobs (5 thousand new jobs throughout 2020) –Assaí is today the 10th largest private employer in Brazil.
Assaí’s gross income recorded a 30% increase compared to the previous year, ending 2020 with R$39.4 billion, which means R$9 billion more in sales during the space of one year. It also recorded a 38.4% EBITDA growth, totaling R$2.7 billion, and over R$1.0 billion in net profits.
Winning model
According to Gomes, the company’s model, combining low prices and serving both shopkeepers and the end customer, contributed to its success. “The wholesale and retail combination segment are the channel with the highest participation levels in the supply of food in Brazilian homes and is present in 62% of homes. Assaí is one of the players growing the most, with an annual expansion rate between 28% and 30%”, says Gomes. In the last five years, Assaí has been opening an average of 18 new stores a year– for 2021, there are 28 new ones scheduled and another 25 new stores a year until 2023. Today, the company has 184 stores located in every region of Brazil.
Assai still is a reference in Brazil for its investments in clean energy. In 2019, 11% of its energy consumption came from renewable sources, and more than 14 photovoltaic modules are installed in eight of the Company’s stores.
This article was shared to Prittle Prattle News as a Press Release.
By PR Newswire
