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Swatch Group chairman Nick Hayek earned slightly more in the 2023 financial year than in the previous year: According to the annual report published on Thursday, Hayek received remuneration of 6.67 million francs, after 6.53 million francs in the previous year. The 16-member administration was paid 28.86 million francs, after 28.97 million francs. In 2022, 17 people joined the group and group management was expanded.
The six members of the board earned a total of 5.22 million francs last year, compared to 4.83 million francs in 2022. Of that, 4.38 million went to chairman Nayla Hayek, the chief executive’s sister.
Key figures confirmed
On Thursday (today) the Swatch Group invites you to its annual media conference. The group’s key figures for 2023 have been known largely since the end of January. Nayla Hayek is quoted as saying in the foreword to the annual report that the group achieved a “really good” result despite the strong franc.
Sales increased by 5.2 percent to 7.89 billion francs. Growth slowed due to the strong franc. In local currencies, this would result in an increase of almost 13 percent. Foreign exchange losses cost more than half a billion francs in sales.
The strength of the franc also left its mark on profitability: Operating profit EBIT rose only 2.8 percent to 1.19 billion francs, and the margin fell slightly to 15.1 percent. The reason for this was very extensive investments of around 800 million.
Net profit increased by 8.1 percent to 890 million francs. From this, shareholders will receive a dividend, which will be increased by 50 cents to 6.50 francs per bearer share. This issue will be voted on at the general assembly meeting on May 8.
800 new jobs created in Switzerland alone
The President continued in the report: The world is full of conflicts that fuel uncertainty and therefore cause the Swiss Franc to rise dangerously high. However, the Swatch Group will not let this deter it from its long-term strategic path and will continue to focus on production in Switzerland, innovation and a strong presence in its markets.
Additionally, Nayla Hayek said that Swatch’s mission is not only to generate more sales and profits, but also to create jobs. In 2023, approximately 800 employees were added in Switzerland alone and 739 worldwide. The group had a total of 33,602 employees at the end of the year.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
