Spanish supermarket group Ahorramas reported a positive year in 2023, achieving record highs in terms of both sales and profits.
Gross turnover reached a historic high of €2.19 billion, a jump of 11.2% from the previous year. Elsewhere, net profit soared by 36.2% to €114.3 million, while EBITDA was 25% higher at €205.7 million.
The Madrid-based retailer increased its profit margin by 1 percentage point, to 5.2%, outperforming the Spanish market average (below 3%), it said in a statement.
Investment In Operations
Ahorramas credits its success to its commitment to sustainable practices and store expansion. The retailer invested €98 million in its operations in 2023, up from €88 million in 2022, primarily in opening 13 new eco-friendly stores and renovating existing ones.
This expansion resulted in the creation of 800 new jobs, a 6.2% increase on the previous year.
The company sources 82% of its products from Spanish suppliers and contributed over €160 million to the public coffers through taxes and social security payments, a 23.4% increase year-over-year.
Ahorramas is also increased its commitment to environmental sustainability. Its solar panels generated 13,420 MWh of energy in 2023, reducing CO2 emissions by 3,395 tons.
The retailer also increased the number of electric vehicle charging stations it offers by 34% and provided designated recycling areas in 113 stores.
Ahorramas closed 2023 with more than 280 stores, located in the communities of Madrid and Castilla-La Mancha.
Leadership Change
Last year, Ahorramas underwent a leadership change, with Eusebio Rubio stepping down from his executive role on 31 December 2023.
However, he remains with the company as chairman of the board of directors. Ramón Bosch Illa, a food industry veteran with 20 years of experience, assumed the position of CEO on 1 March 2024.
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