Holding companies of Spain's richest man earn 21% more and accumulates more than 100 billion in assets

Last year they made a profit of almost 8 billion euros, including dividends received from textile giant Inditex, owner of the Zara fashion brand

Amparo Estrada

Madrid

Tuesday, 27 August 2024 | Updated 30/08/2024 07:24h.

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The holding companies of Inditex founder Amancio Ortega, formed by companies Pontegadea Inversiones, Partler 2006 and Pontegadea GB 2020, earned 7.94 billion euros in 2023, some 21% more than the previous year.

The assets of the holding companies surpassed the 100 billion euro barrier; specifically reaching 101.12 billion euros, an increase of 10.4% compared to the 91.52 billion euros of the previous financial year.

The holding companies obtained revenues of 39.64 billion euros, 12% more than in 2022, according to the data submitted to Spain's Mercantile Registry. Pontegadea Inversiones, the parent company, increased its profit by 16% in 2023 to 1.73 billion euros.

Ortega controls 50.01% of Inditex through Pontegadea Inversiones and another 9.3% of the textile group through Partler, another of the holding's companies.

Inditex's founder and largest shareholder, Amancio Ortega, received on 2 May, a total of 1.42 billion euros for the first remuneration of the year to be paid by Inditex to its shareholders, which is half of what he will receive in dividends from the Galician company this year. The businessman will receive this year 2.84 billion euros in dividends from the company, up from the 2.21 billion euros he received last year.

Ortega also owns 30% of Telxius, 5% of Redeia and another 5% of Enagás, as well as 12% of Portugal's electricity and natural gas system operator, Redes Energéticas Nacionais (REN).

Another of Amancio Ortega's best-known assets is his real estate investments. Ortega reinvests a large part of the dividends he receives from Inditex in bricks and mortar, in high-level and well-located buildings, which he then rents out. In fact, the leasing of real estate assets is one of the main businesses of his holding companies. In 2022, the value of its real estate portfolio amounted to 18.15 billion euros, a figure that will now be considerably higher after the purchases of more than 1.5 billion euros made between 2023 and 2024. Among its latest real estate acquisitions, a Luxembourg office building for which it paid 165 million euros to an investment fund.

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