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Malaga has 167 'gazelle' companies that have created 7,300 jobs in three years
Business

Malaga has 167 'gazelle' companies that have created 7,300 jobs in three years

Firms with at least ten employees that manage to double their size in a short period of time are known as 'gazelles'

Nuria Triguero

Malaga

Friday, 5 April 2024, 10:42

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Malaga boasts nearly 170 "gazelle" companies, that is, firms with a minimum of ten people on their payroll which maintain growth rates of more than 20% over three years, new data shows.

These companies are "particularly innovative and make a decisive contribution to job creation", according to the Cotec Foundation's Gazelle Companies Observatory. According to its latest published data, there are 167 companies in Malaga province that can be labelled "gazelles" due to their rapid growth between 2019 and 2022. In this period these companies created 7,350 jobs, an average of 44 per company, the data shows.

These "gazelles" represent 5.8% of the total number of companies with more than ten workers in Malaga province (2,896). This percentage is above the national average (4.9%) and the Andalusian average (5.7%). In the provincial ranking, Malaga ranks sixth in terms of the number of fast-growing companies, identical to its ranking in terms of population. Ahead are Madrid, Barcelona, Valencia, Murcia, Alicante and Seville, according to the data.

It would be logical to assume that the technology sector is responsible for producing most of these "gazelles", given the boom Malaga has experienced lately. But construction and retail are the leading "gazelle" companies in Malaga, the data shows. Of the 167 fast-growing firms detected, 30 belong to construction and another 30 to retail. This is followed by catering (with 17 fast-growing companies), building and gardening services (13), education (12) and programming, consultancy and other IT activities (8).

According to the Cotec study, the Malaga "gazelles" that have created the most jobs in the three years are: Linton Grey (a company that subcontracts cleaning and housekeeping services for hotels), Residencias Familiares para Mayores (Seniors), El Gym Iberia (Viva Gym), Sector Alarm Spain and Synergym Holding.

Half of them in Malaga city

Nearly half of the high-growth companies in Malaga province (75) are based in the city. These companies have been responsible for the net creation of 4,540 jobs between 2019 and 2022, employing a total of 7,405 people in the latter year. The average Malaga "gazelle" company has grown from 33 to 99 employees.

Malaga city has 6.2% of "gazelles" among companies with at least ten workers. This percentage is clearly higher than Spain (4.9%), Andalucía (5.7%) and the rest of the province (5.8%).

A total of 36 of the 75 "gazelles" in Malaga city (48% of the total) are in the high-knowledge and high-tech sectors, when in Spain the average is 33% and in Andalucía, 24%. Malaga is in fourth position in the ranking of municipalities with the highest number of knowledge-intensive gazelles, ahead of Seville and Zaragoza, which are larger cities. The knowledge-intensive activity that generates the most gazelles is education, with nine companies, followed by IT with six.

However, the first company in the ranking by number of "gazelles" in Malaga city is related to retail trade, which has ten companies.

Almost 400,000 jobs created in Spain

Gazelle or high-growth companies continue to "stand out for their capacity to create employment", according to the Cotec report. In Spain as a whole, this institution identifies the existence of 5,210, representing 4.9% of all Spanish companies with at least 10 employees. These companies have created almost 400,000 jobs between 2019 and 2022. The number of 'gazelle' companies has increased by 622 compared to the previous period, but is still 30% below the peak level it reached just before the pandemic.

In terms of their capacity to create jobs, the average size of the 'gazelles' grew from 50 workers in 2019 to 124 in 2022, while those that do not meet this premise stagnated at 62. In other words, the former created 385,000 jobs and the latter destroyed almost 49,000.

In terms of revenue, 'gazelles' turned over a total of 66.88 billion more in 2022 than in 2019, while growth among 'non-gazelles' was 305.79 billion. In other words, gazelles, which represent less than 5% of companies with at least 10 employees, account for 22% of the overall turnover increase.

Madrid leads a triple regional ranking of gazelles: it is the region with the highest number of gazelles, where they have the greatest weight in the productive structure and where they are the largest. Thus, the aforementioned region accounts for 22.4% of the total number of gazelles, with 1,168. It is followed by Catalonia (17.4%, with 904), Andalusia (14.3%, with 743) and Valencia (11.8%, with 614).

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