THE shareholders Catalan cosmetics company Puig They lost almost 2 billion euros this Friday because of the disaster in Bag after the poor results of the first half of 2024. Concretely, the company announced to National Securities Market Commission (CNMV) a drop in its net profit attributed 27% in the first six months of the year. The markets were quick to react and the company’s shares fell by more than 12% throughout this morning.
The company, which has just entered the market Ibex 35 in replacement of Meliapresented its first results after its IPOHowever, the accounts were not positive at all and the markets underwent a sharp downward correction.
Puig attributed the drop in net profit to a series of exceptional costs related to its stock market listing, as well as expenses related to acquisitions, mergers and other adjustments, which together amounted to 84 million euros after taxes.
Among these adjustments stands out an extraordinary cash bonus of 94 million euros granted to all its employees on the occasion of their debut in the sector. sotck exchange.
Puig’s losses on the stock market
THE company shares Catalan cosmetics company Puig fell by more than 11% on the stock market at 9:35 a.m. this Friday. More precisely, the company’s shares fell by 11.16% during the Ibex 35the market on which it made its debut this year, at 21.81 euros per share, after starting the session with a rise of 1.28%.
However, at around 12:30, the Catalan company’s stock was approaching 21.22 euros per share. According to the company’s accounts consulted by OKDIARIO, Puig owns 563.2 million shares on the stock market. Thus, after falling by around 3.3 euros per share (nearly 14%), investors have lost around 1.9 billion eurosa figure that increases day by day.
According to the CNMV files According to this newspaper, the majority of Puig’s shares, 92.96%, are held by Exea Empresarial SL Thus, the losses of this entity would be around 1,700 million euros. For its part, the hedge fund Millennium holds approximately 0.119% of the capital, which would bring it to approximately red numbers of 2.2 million euros.
Puig has achieved the largest IPO in Europe in 2024. The 24.50 euros per share allowed it to achieve a market capitalization of 13.9 billion euros. More precisely, the size of the offer was up to par 3 billion eurosaccording to the company.
First half results
Despite the drop in profit in the first half, the cosmetics company grew by 4.8% in the first half, reaching 238 million euros. In fact, the cosmetics company recorded net sales of 2,171 million euros over this period, which represents an increase of 9.6% compared to the same half of the previous year.
On the other hand, the gross operating profit The (adjusted EBITDA) amounted to 410 million euros, up 7.4%, with an adjusted EBITDA margin of 18.9%. In addition, Puig increased its market share (VMS) of selective perfumes by 11.3%, which represents an improvement of 60 basis points compared to June 2023.
These results are the first that Puig presents as a listed company, after its IPO on May 3, with an initial price of 24.5 euros per share, forming part of the Ibex 35.
During the presentation of the results to shareholders, Puig CEO, Marc Puigconsidered it a “solid” first half thanks to its strategic decisions.
“I would like to clarify that our business is managed on an annual basis and that this result is in line with our expectations for the period, as we experience a certain seasonality,” said the CEO.
