According to its latest , the Belgian retail corporation Colruyt Group posted a profit of €1.051bn for the 2023-2024 financial year, an increase of 424% in one year (profit the year before stood at €201m). Group revenue rose by 11.9% to €10.8bn, compared with €9.6bn in 2023.

“Revenue was up almost 12% to over €10.8bn, while net profit shot up 78% to €357m,” Colruyt Group’s new CEO Stefan Goethaert said in the annual report. This increase is “mainly because of food inflation, market share gains in Belgium and the full consolidation of Newpharma and Degrenne Distribution,” the report explained.

The group, which employs more than 33,000 people, is active in various sectors. It has the Colruyt Meilleurs Prix, Bio-Planet, Okay and Spar supermarkets, as well as the Jims chain of fitness clubs.

In Luxembourg, Colruyt Group operates five Colruyt shops, and five Jims, with a 5,000m2 distribution centre under construction, scheduled to be operational in early 2025.

During the 2023-24 financial year, Colruyt Group saw a handover from Jef Colruyt to Stefan Goethaert as group CEO. This change has enabled Jef Colruyt to concentrate on his role as chairman of the board of directors.

Colruyt Group says it is stepping up its sustainability efforts with a target of “achieving 100% recyclable packaging for our private-label products by 2025,” aiming to use rainwater and wastewater for half of its total water consumption and and “investing in electric trucks, targeting 100% emission-free transportation by 2030.” The retailer has also made strides in the health sector with the Yoboo health platform, the Newpharma online pharmacy and the Jims fitness clubs. “As a group, we are also increasingly committed to accessible health prevention,” said Goethaert.

This article was originally published in .