Ibersol, owner of brands such as KFC and Pizza Hut, totaled 15.4 million euros in profit in 2023, a drop of more than 90% compared to the previous year, it was announced to the market today.
According to information sent to the Securities Market Commission (CMVM), in 2022, the company’s profit had been 159.9 million euros, thus registering a drop of 90.4%.
“The robust growth in activity made it possible to mitigate the impact on the cost structure caused by the slowdown in consumption”, he pointed out.
Ibersol also highlighted that operational results were impacted by the “initial period” of new concession contracts for airports in Spain. Profit from continuing operations fell 12.5% year-to-date to 14.6 million euros.
In 2023, Ibersol’s earnings before taxes, interest, depreciation and amortization (EBITDA) stood at 74 million euros, above the 61 million euros recorded in 2022.
In turn, turnover grew 17.6% in the period under review, rising from 356 million euros to 418 million euros.
Personnel expenses increased by 20.8% to 127 million euros. The cost associated with sales reached 100 million euros, up from 88 million euros in 2022.
The group’s investment was 33 million euros in 2023, compared to 44 million euros in 2022. The Ibersol group has more than 7,600 workers.
In addition to KFC and Pizza Hut, Ibersol owns brands such as Pans & Company, Taco Bell and Miit. In today’s stock exchange session, Ibersol shares rose 1.69% to 7.24 euros.
