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El Corte Inglés holds a meeting on July 21 after presenting record benefits

Date: June 18, 2024 Time: 12:27:50

El Corte Inglés plans to hold its general shareholders’ meeting next month after it presents a record profit of up to 870 million euros. The conclave, which will be held on July 21, will also deal with the 22.5% increase in sales, after placing its debt at the lowest level in the last 15 years, placing it at 2,295 million euros.

The group chaired by Marta Álvarez will meet its shareholders to examine and approve their accounts after the 2022 financial year closed on February 28 of this year with a global volume of income of 15,327 million euros, while multiplying by more than seven your net profit.

This result is the highest achieved to date, thanks to the extraordinary ones, after the entry of Mutua into its shareholding with 8%, valued at 555 million euros, and the sale of 50.01% of each of the two companies that carry out the insured activity of El Corte Inglés for an import of 550 million euros, to which is added the sale of assets and real estate.

El Corte Inglés reaches 207 million euros of profit

The gross operating result (Ebitda), for its part, reached 951.4 million euros, 18.3% more than the previous year, accompanied by a growth in profitability. The group attributed this improvement to the good evolution of the business, the optimization of costs and the successes in management, which has made it possible to consolidate the path of growth and achieve the highest profits in recent years, despite the economic situation, the effect that inflation and interest rates have on families and the negative impact of the high price of energy.

In this context, the recurring net profit reached 207 million euros, 72% more and the highest in recent years, despite the last one that has led to an increase of 150 million euros in the cost of energy. Specifically, the shareholders’ meeting will address the approval of the annual accounts, the management report and the proposal for the application of the result corresponding to the year ended on February 28, 2023, duly audited.

Other topics to be discussed at the meeting

Likewise, they will foreseeably be approved by the management of the board of directors during the financial year closed on February 28, 2023, while they will address the ratification of the purchase and sale operations carried out during the financial year with its own action, as published this Monday by the Bulletin Official of the Mercantile Registry (Borme).

Other points that the shareholders’ meeting will deal with are the appointment, re-election or dismissal, if applicable, of the members of the board of directors and the fixing of the number of members, the approval of the remuneration of the board of directors and the authorization for the Acquisition derived from own shares and for the sale of treasury stock.

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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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