Press Releases

WITH A TURNOVER EXCEEDING ONE BILLION EUROS, RAR GROUP’S EBITDA UP 24% IN 2023

According to the 2023 Report & Accounts, released today (Reports and Accounts | RAR Group), RAR Group consolidated turnover exceeded one billion euros, with EBITDA raising to 89 million euros, a growth of 24% compared to the previous year. The same document refers that the company net profit exceeded 34 million euros, confirming the consolidation of sustained growth observed in recent years.

According to RAR Group´s President, "2023 was a positive year for RAR Group, with the main businesses showing good progress despite the volatile market environment," and the results achieved demonstrating the management teams' strong ability to face challenges. Nuno Macedo Silva adds that "signs of low inflation and the expected decrease in interest rates will surely lighten the economic environment, allowing us to embrace new investments with more confidence”.

Founded 62 years ago, RAR Group is a prominent entity in the national business scene. Its history began with the sugar business, a legacy that remains alive in the acronym “RAR” (Refinarias de Açúcar Reunidas). Six decades later, not only does the initial venture continue, but it has also given rise to an economic group that has expanded its activities far beyond the food sector, diversifying into areas as packaging, consumer goods, real estate, and services. This dynamics extends to the presence beyond Portugal to six other countries: Germany, Mexico, the Netherlands, Poland, Spain and the United Kingdom.

RAR GROUP 2023 (EUR)

Turnover - 1 006 806 012
Operating cash flow (EBITDA) - 88 932 709
Consolidated profit for the year - 34 525 116

RAR GROUP 2022 (EUR)

Turnover - 971 930 731
Operating cash flow (EBITDA) - 72 004 883
Consolidated profit for the year - 16 493 187

RAR GROUP COMPANIES IN 2023

Colep Consumer Products Portugal, S.A.: is one of the most prominent contract manufacturers of "Cosmetics," "Personal Care," "Homecare," and "Over-the-Counter Pharmaceuticals, for multinational companies and brands.

Colep Consumer Products increased its turnover from 259.5 million euros in 2022 to 306.2 million euros in 2023. Effective management of operational costs and a more favourable product mix allowed EBITDA to rise from 27.2 million euros in 2022 to 41.4 million euros last year. The focus on product innovation and the restructuring of its industrial footprint—ceasing operations in Brazil, significantly reducing its industrial base in Germany, and concentrating activities in Poland, Portugal, and Mexico—also enabled it to improve profitability.

Colep Packaging Portugal, S.A.: is one of the leading European players in the packaging industry, developing, producing, and supplying metal and plastic packaging for a wide range of industries globally. It is the Iberian leader in the general line segment and a significant European supplier in the aerosol segment. Colep Packaging's turnover decreased from 148.8 million euros in 2022 to 128 million euros in 2023, a decline strongly influenced by reduced consumption in the segments it operates. Nevertheless, EBITDA reached 25 million euros, a figure not directly comparable to the 38.1 million euros in 2022 due to various non-recurring gains recorded in the previous year.

Colep Packaging strengthened its investments in the aluminium aerosol segment, establishing a joint venture with the Argentine group Envases Group to build a plant in Mexico and additionally, it continued adapting operations and increasing capacity at its subsidiary ALM in Spain to meet the significant rise in demand for this type of packaging. The company also embarked on an ambitious investment plan aimed at bringing reduced material usage products to market, ensuring that these products are not only more competitive but also more environmentally friend.

Vitacress Limited: operates in the fresh produce sector, focusing primarily on supplying "ready-to-eat" salads and fresh herbs in the United Kingdom, Portugal, Spain, the Netherlands, Belgium, and Germany.

The strong performance of its Portugal operations and the fresh herbs segment in the UK and the Netherlands explains its operational results improvement.

Vitacress Salads (operating in the salad leaves segment in the UK) completed an investment program that substantially increased capacity at its packaging facility in England. The expected improvement in operational performance only began to be achieved in the second half of the year and is not yet fully reflected in the annual accounts.

Vitacress achieved a turnover of 200 million euros in 2023, compared to 182.6 million euros in 2022, and recorded an EBITDA of 6.9 million euros in 2023, compared to 1.9 million euros in 2022.

RAR - Refinarias de Açúcar Reunidas, S.A.: founded in 1962, is a significant Iberian operator in the production of sugar derived from sugarcane.

RAR Açúcar has achieved an unparalleled level of profitability in recent years, due to a highly favourable market environment combined with a total focus on improving efficiency and enhancing competitiveness.

In 2023, the company reached a turnover of 128.8 million euros, compared to 104.9 million euros in 2022, and recorded an EBITDA of 14.9 million euros in 2023 compared to 1.9 million euros in the previous year.

ACEMBEX - Comércio e Serviços, Lda.: founded in 1970 as the result of a partnership between Tate & Lyle International (U.K.) and RAR – Refinarias de Açúcar Reunidas, S.A.R.L., RAR Group acquired 100% ownership in the early 1980s.

Currently, it is an international trading company focused on the import and integrated logistics of cereals (wheat, corn, rice, and barley) and other raw materials for the agri-food industry, mostly offering its clients market research and advisory services. It is one of the largest national operators, handling around 800,000 tons in 2023, representing a 19% share of a market totalling approximately four million tons. In 2023, the company posted a turnover of 239.3 million euros (down from 269.2 million euros in 2022) and achieved an EBITDA of 1.2 million euros (compared to 1.1 million euros in 2022).

RAR Imobiliária, S.A.: established in 1987 to manage RAR Grupo’s real estate assets, expanded in the 1990s to include real estate development activities aimed at the high-end residential market.

In 2023, characterised amid a slowdown in the real estate sector, RAR Imobiliária, which is currently managing several ongoing projects, reported a turnover of 12.2 million euros (down from 18.5 million euros in 2022) and recorded an EBITDA of 2.7 million euros (compared to 3.9 million euros in 2022).