Zamora Company profits rise in testing 2024
Licor 43 owner Zamora Company saw its net profits rise by 9.8% in 2024, although sales failed to hit the heights of the year prior.
The company, which is headquartered in Madrid, registered a sales turnover of €260 million (US$305m) in 2024. This was down by 2.9% from its €268m (US$314m) figure in 2023, which was the highest turnover in the company’s 77-year history.
It ends a run of three successive record years of growth for the company.
The company maintained that profit levels were similar to previous years. It said its latest results reflect the current challenges affecting the industry, such as the global slowdown in consumption, change in consumer habits towards lower alcohol products and geopolitical instability.
The company’s net profit jumped by nearly double digits (9.8%) in 2024, totalling €19.5m. It also reduced its debt by 56% to €23m.
Jose Maria de Santiago, president of Zamora Company, said: “The 2024 financial year has tested the group’s vision for the future.
“Despite the difficulties that the sector is going through due to the generalised change in global consumer trends, we are still committed to consolidating our business model by strengthening the structure, investing in talent, brands and sustainability.
“At Zamora Company, we want to continue leading the change that our sector is undergoing.”
The company said its improvement in net profits and debt reduction came from its efficiency and cost optimisation policies.
It remains committed to investing in brands, as shown by its 100% acquisition of Martin Miller’s Gin, taking full control of the brand. It also invested €2m into the expansion of the Villa Massa limoncello plant in Italy, which doubled the brand’s production capacity.
Looking across the spirits portfolio, Licor 43 was its biggest-selling brand in 2024, accounting for 44% of the firm’s revenue. This was followed by Ramón Bilbao (27%), Mar de Frades (6%), Villa Massa (5%) and Martin Miller’s Gin (4%).
The company’s main overseas markets were the US, Germany, the Netherlands, Brazil and Mexico. Additionally, ‘dynamism’ in emerging markets has helped it offset ‘slight concern’ in more mature European markets.
Through Latin America and the US – named as key sales drivers – and the strength of its internationalisation strategy, its international business has risen by almost two percentage points to represent 55.4% of global sales, in contrast to 54% in 2023.
CEO Javier Pijoan added: “We have made the right operational and organisational decisions, consolidating the ‘One Agile Global Company’ (OAGC) operating model, which is moving us towards a more agile, efficient and sustainable system.”
Last month, Zamora Company welcomed a new director of HR and internal communication: Eva Olavarrieta.
