Despite a 28% increase in headline net profit Sonae, owner of Portugal’s largest food retailer, was adversely hit by supply chain disruption, inflation and rising interest rates in 2022. Margin compression in an inflationary environment with soaring energy prices led to a 17% fall in Sonae’s underlying net profit, a decline that was more than offset by €142m of one-off capital gains. The outlook for the coming years remains bleak on the back of high inflation coupled with a projected decline in ....