Despite the decline in revenues, companies’ profitability continues to rise in the first half

results and profitability Proportion of Spanish companies continued their existence upward path in the first half of 2023, but slower pace than those shown in the first quarter of the year negative behavior Oil companies (both in terms of the refining sector and fuel marketers) recorded extraordinary growth last year due to the extraordinary growth they reflected in their sales prices due to the sharp increase in the price of crude oil. Quarterly Balance Sheet Center It was published this Monday by. Bank of Spain.

This quarterly survey was prepared from the following information: 932 companies Situations where companies (representing 12.4% of total gross value added) are over-represented industrial, energy and largeWhich conditions Some figures according to the Bank of Spain. This statistic is used to create: business trend In case data cannot be obtained from the Integrated Balance Sheet Center, 800,000 companies (covering 55% to 60% of gross value added) and its final figures 2021.

Based on this proposition, it can be seen that net normal result The rate of Spanish companies (RON) increased 17.7% in the first semester due to larger contribution (compared to 101.8% in the same period in 2022 and 68.1% in the first quarter) gross value added and increase financial income It increased by 21.7%, offsetting the 51.9% growth in financial expenses. cost effectiveness The number of companies is increasing 4.9% (compared with 3.7% in the same period in 2022 and 3.7% in the first quarter of this year).

During the period, income drop (-7.6%) compared to the 46.8% increase experienced by the sample during the same period in 2022. In the historical series of the Integrated Balance Sheet Center collected since 1994, only two terms One of the periods when companies’ turnover turned negative was 2008 economic crisis and another between 2019 and 2021, which falls in the period: coronavirus pandemic. On the other hand, personal expenses While the number of workers increased by an average of 2.4%, wages increased by 6.46% and they grew by 9.1%.

Energy impact

This decline in sales According to the Bank of Spain, this is explained by the high influence of energy-related sectors (energy, refining and fuel marketing) and their “excessive weight” in the sample. Like this 20.8% decrease in energy sector turnover This contrasts with the 92.2% growth the sector recorded in the first half of 2022. While there was a decrease in the total turnover of the industry, trade and accommodation sectors, increases were observed in the information and communication sectors and the remaining activities.

However, this decrease in turnover The energy sector doubled its results (136.9%), it increased its gross economic result to 16.5% and its ordinary profitability to 10.3%. industry and commerce and accommodation They recorded a decrease of 55.2% and 31.5% respectively. According to the Bank of Spain, these two sectors have been conditioned by the negative behavior of banks. some big companies. In the case of industry, subsector purification and in the case of the trade and hospitality branch, the activity fuel marketing. “If the companies mentioned were excluded, they would have been registered. increases RON at both branches,” the central bank says. Total ‘other activities’ rose to 179%.

Higher profitability than before the pandemic

According to cost effectiveness This ratio of assets stood at 4.9% in the first half, compared to 3.7% in the same period of 2022 and 3.7% in the first quarter of this year. This rate is above the rate recorded at that time before the epidemicIt remained at 4.1 percent. In this sense, the growth in the profitability of the energy sector, which was 3.1 percent in the previous year, and the information and communication sector, which increased from 10.3 percent to 10.3 percent in 2023 and from 7.2 percent to 7.2 percent, is noteworthy. 9.2%. On the other hand, the negative course of related companies refining and marketing Fuels led to declines in the industrial sectors, where this indicator fell almost seven points to 7.2%, and in the trade and hospitality sector, where it rose from 10.6% to 7.6% in the first half of 2023.

Source: Informacion


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