EG Group, the petrol forecourt empire founded by billionaire brothers Mohsin and Zuber Issa, has reported a dramatic fall in pre-tax profits, plunging from $1.4 billion to just $10 million over the past year.
The sharp decline follows the sale of the group’s UK convenience store network to Asda and further operational restructuring.
Newly filed accounts at Companies House show operating profit also fell significantly, from $2.2 billion to $856 million. However, adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose modestly, increasing from $1.2 billion to just under $1.4 billion, reflecting what the company called “significant financial progress”.
The drop in profit was largely attributed to the absence of the $1.3 billion windfall generated by the disposal of EG’s UK convenience retail business to Asda in 2023, and the subsequent sale of remaining UK forecourt operations to Zuber Issa last year. Those disposals had significantly bolstered the group’s 2022 financial results.
Like-for-like revenue also declined year-on-year, from $25 billion to $24 billion, with the group citing lower fuel volumes and challenging macroeconomic conditions in several markets.
EG Group, headquartered in Blackburn, was founded in 2001 with a single forecourt in Bury, Greater Manchester. It now operates across nine countries and employs 37,000 staff. Its largest market by revenue remains the United States, followed by key European countries including Germany, France, Italy, and the Netherlands, as well as Australia.
In October 2023, EG Group finalised the £2 billion sale of most of its British petrol stations to Asda—the supermarket chain the Issa brothers acquired in 2021 alongside private equity partner TDR Capital through a debt-heavy transaction. That deal reshaped the UK petrol retail landscape and marked a strategic exit from much of EG’s UK footprint.
However, the transition wasn’t without controversy. In 2024, Asda Chairman Lord Rose was forced to issue a public apology after one of the group’s former petrol sites in Surrey was linked to a water contamination incident affecting homes, schools and residents.
Following the Asda deal, Zuber Issa stepped away from the supermarket business, selling his 22.5 per cent stake. He used the proceeds to buy back EG Group’s remaining UK forecourts, launching a new competitor brand, EG On The Move. Despite this, he retains a shareholding in the parent group and continues to sit on the board as a non-executive director.
Meanwhile, Mohsin Issa stepped down as chief executive of EG Group in April, with the role passing to Russell Colaco, the group’s former chief financial officer who joined in June 2023. Colaco is now tasked with steering the company through its next phase of international growth and consolidation.
Commenting on the results, Colaco said the group had made “significant financial progress”, citing the rise in adjusted earnings and progress on debt management. He added that the business remains focused on operational efficiency and long-term growth across its international footprint.
As the group emerges from a period of major structural change, attention will now turn to its performance in core overseas markets and the success of Zuber Issa’s new UK-focused venture.
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EG group profits plummet from $1.4bn to $10m following Asda forecourt sale