Spain´s biggest brewery, Mahou San Miguel, has reported a 98% fall in profits for 2020 compared to the previous year.
The group´s profits fell from €170 million in 2019 to just over €2 million last year.
The Madrid based drinks group blamed ” the impact of the health situation and the measures implemented to help alleviate it, such as closures and restrictions in hotel establishments”.
The Spanish hospitality sector had a catastrophic 2020 due to the pandemic lockdown and is a key driver of income and profts for the company.
Bars and restaurants accounted for 55% of their total billing in 2019 but only 40% in 2020.
The group´s overall turnover fell by 10% to €1,252 million, but a massive 31.7% in Spain, set off against improved home sales and better performance in key international markets such as the UK and United States.
The company´s CEO, Alberto Rodríguez-Toquero, also underlined at the AGM press conference that they had “ invested more than €200 million, the highest figure for Mahou San Miguel in its history in this regard”.