2020, the year of the outbreak of the Covid pandemic, Saint Joseph, the builder of Jacinto Rey, managed to save the furniture. The group managed to increase (slightly) its income, from 958 to 961 million euros and avoided the red numbers. It is true that the net result for the year collapsed by 86.5%, from 163.1 to 22 million euros, but it is also true that the fiscal year 2019 has no comparison, since the disposal of the 14.46% of the company’s shares Castellana North District, known as Operation Chamartín, that the group of Galician origin sold to the Socimi Merlin Properties.
A little over a month ago, when the listed company presented results, it highlighted the magnitudes achieved in the construction business, whose income they generated throughout the past year 867.6 million euros. However, the group’s consolidated income statement, sent to the National Securities Market Commission (Cnmv) also sheds light on how the group’s subsidiaries with a more diversified business object faced the year of the coronavirus outbreak. It stands out, among them, Commercial Udra, a company of which San José owns 100% and which represents the landing of Jacinto Rey in the business of the fashion distribution.
Profit of 1.3 million euros
According to the group itself, Comercial Udra is “one of the most important distributors and with the greatest projection in Spain and Portugal“Which” has been operating for more than twenty years through its sports and fashion areas, where it has global brands of recognized prestige “. And it is that Udra distributes sports and fashion garments with brands as recognized and as demanded as Arena, Teva, Hoka, Diadora, Hunter, Fred Perry and Dr. Martens.
Comercial Udra SAU, from which different subsidiaries hang with them, distributes the claimed garments (Arserex, Outdoor King, Running King, Athletic King, Vision King, Basket King y Trendy King) managed to avoid the red numbers the year of the coronavirus. With a net worth of 7.5 million euros, the company ended the year of the pandemic with a profit of almost 1.3 million euros. The operating result, according to the group’s consolidated data sent to the stock market regulator, was 22,000 euros negative. With its registered office in Pontevedra, the company closed the previous year, 2019, with a net result of more than four million euros.
The fashion boot bonanza
In the result of the company, it is necessary to take into account the dividends it receives from the investees with which it distributes sports and fashion garments. Comercial Udra works, as clarified in the latest accounts filed with the Mercantile Registry, as head of a mercantile group that, on a consolidated basis, the year before the pandemic billed 23.35 million euros.
During 2019, Comercial Udra agreed a interim dividend of three million euros to its sole shareholder. That year, all the companies dependent on the capital closed with profits, highlighting Trendy King, which exceeded one million euros. It is this company, precisely, that drives the distribution of the famous Dr. Martens boots.
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