Hijos de Rivera ends 2022 with 83.9 million euros in net profit, 11.5% less

Corporation sons of RiveraCompany owner beer star Galiciaclosed 2022 with benefit after tax 83.9 million euros, 11.5% less than in 2021. The company attributes these figures to inflation. The additional costs they incurred were not directly passed on to the price to the customerthey explain.

In the presentation of socioeconomic effects and business figures for 2022 held this Tuesday at Galician Museum of Starsits CEOIgnacio Riverahe commented that the company’s debt, without giving details, was below average.

more billing

He also reported billing growthgoing from 610.4 million euros to 724 million, 18.61% more than in 2021, so the company “dreams of a billion”he pointed out.

According to the mentioned data, the number of liters of beer sold also increased, from 494 million, 10 percent more than the previous year, which is similar to the growth of water, which increased from 189 million liters sold to 217.

The drop in net profit, lower by 11.56 percent, is a consequence, as described by Ignacio Rivera, of the fact that raw material costs “increased by more than 50%”, while the prices of Estrella Galicia were kept because “another blow would not be adequate” neither for the catering industry nor for the direct consumer, he explained.

Expansion of the workforce by 30% by 2025

The head of the Corporation indicated that Hijos de Rivera made the “biggest investment effort” in its history in 2022, with 154.4 million euros compared to 66.8 million in 2021, an increase of almost 130%, in addition to the fact that the company increased its template 8.3% and Rivera improved it from this year to the next, it will increase by 30 percent because 400 new workers will enter.

Present in 76 countries, despite the “difficulties of internationalization”, he pointed out that with 34 companies, Hijos de Rivera has “good expectations” for the year 2023 and is already setting as Morás factory priority, which hopes to open in 2024 that “there are no supply problems”, which delayed the opening of the factory in Brazil.

Ignacio Rivera reminded that “the market is competitive”, but he is confident that the company will move forward “with sentimental and calmly” to achieve, he explained, “not to be the best-selling beer, but the most loved”.