Ma hou San Miguel delivered strong momentum in 2022, aligning with its 2021 net profit to reach 102.1 million euros in net earnings and a record turnover of 1,743.3 million euros. The environment remained unstable and volatile, with the beer market continuing to feature intense competition and slim margins. The general manager, Alberto Rodriguez-Toquero, notes that inflation and geopolitical tensions added complexity to the year. Yet the group successfully advanced its rapid diversification strategy developed in recent years, expanding beyond its core brands Mahou, San Miguel, Alhambra, and Solán de Cabras. The company reported sales of 1,743.3 million euros, an 18.4 percent increase from the previous year, even as the gross operating result showed a 6.6 percent decline to 262.5 million euros. Volume rose, with hectoliters increasing by 11 percent to 20.9 million, signaling higher average prices per bottle. About 16.1 million hectoliters were beer and 4.8 million were water products, underscoring the portfolio mix.
Mahou San Miguel invested a total of 488.2 million euros in 2022, up 31 percent, to sustain growth and development. A portion of these results derives from a rebound in tourism activity within Spain. The company anticipates a favorable year ahead as hotel and tourism activity recovers, considering these sectors pivotal for ongoing expansion. Company sources expect continued investment and ongoing exploration of new growth opportunities. Domestic demand remains resilient, with local brands continuing to hold loyalty in a market that has long been known for fragmentation. The Mahou group aims to accelerate product launches that create pathways to new categories within Spain, strengthening San Miguel as the primary growth driver in Europe and beyond. The vermouth category stands out as a notable area of diversification.
In 2023 the plan includes further price adjustments, with wage increases implemented to protect disposable income in the face of inflation. Wages rose by six percent for the entire workforce last year to offset rising costs, and the management team notes that previous price increases in 2022 did not fully cover cost escalations. A January price adjustment followed, but management indicated that a second increase was not planned at that time. The perception of margin deterioration remains, and the leadership suggests that some planned actions could have been trimmed to soften the impact. The strategy emphasizes strengthening San Miguel’s overseas footprint and pursuing growth for Mahou and Alhambra in Europe, where the brand sits among the leading international premium labels in Western Europe, while expanding opportunities in the United States where Founders are pursuing growth and identifying new avenues for development.
Overall, the group continues to balance domestic strength with international expansion. The domestic market remains competitive yet loyal, supported by a robust diversification strategy and a continued emphasis on premium positioning. Industry observers view the results as a reflection of effective portfolio management, disciplined cost control, and a careful approach to price dynamics in a fluctuating macroeconomic environment. The company’s outlook hinges on tourism recovery, sustained consumer demand, and strategic investments aimed at opening new channels for growth across Europe and North America. The emphasis on growth opportunities suggests a measured but ongoing push toward expanding brand reach and product categories to maintain momentum in what remains a dynamic beer and beverage market. Credit: Mahou San Miguel Annual Report 2022.
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