Salzburg drinks manufacturer Red Bull significantly increased turnover last year and increased its dividend to 1.5 billion euros despite consistent profits, according to the group annual report for 2022 published on Wednesday.
Half of the profit distribution of 1.5 billion euros goes to Red Bull heir Mark Mateschitz. Profit stagnated at 1.7 billion euros, while expenditure on sales promotions rose by almost a quarter to 2.3 billion euros. In total, Red Bull sold around 11.5 billion cans.
First annual report after the death of Dietrich Mateschitz
Higher costs for sponsorship, but also for sales promotion and advertising, caused profits to stagnate at 1.7 billion euros, although net turnover increased by 24 percent to 9.7 billion euros, according to the annual report published on Wednesday.
In total, almost 2.3 billion euros went to marketing, advertising, sponsorship and sales promotion (plus 23 percent). Sales in the US increased from 3.6 to 4.3 billion euros compared to the previous year. In Europe, Red Bull had a turnover of 3.5 billion euros, after 2.8 billion euros the year before.
It is the first annual report since the death of company founder Dietrich Mateschitz almost a year ago. Mateschitz’s son Mark inherited the 49 percent stake in the group headquartered in Fuschl and earned an estimated fortune of 15 billion, according to the Bloomberg agency. Euro becomes the richest millennial in Europe.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
