Categories: Business

Angel and Javier Escribano share two million after joining Indra

Spanish company Escribano Mechanical & Engineering (EM&E), owned by Advanced Engineering & Manufacturing, revolutionized the defense sector in 2023 with the ambitious goal of entering Indra with 10%.

He ended up staying at 8% due to high share prices, but this allowed him to find directors, notably Javier Escribano, president of the family business and Angel’s brother, CEO.

Board of Directorscribano has decided to distribute two million euros in interim dividends in the year of entry into Indra. It means that Angel and Javier Escribano They would take a million each since they own 50% of the company.

He ended up staying at 8% due to high share prices, but this allowed him to find directors, notably Javier Escribano, president of the family business and Angel’s brother, CEO.

Board of Directorscribano has decided to distribute two million euros in interim dividends in the year of entry into Indra. It means that Angel and Javier Escribano They would earn a million each since they own 50% of the shares respectively. In mid-2021, the founding family bought back the 21% stake in Oman’s sovereign wealth fund that it did not own.

Improve income

According to accounts Mechanical and Engineering Technical OfficerAccording to data from the Commercial Register, the company invoiced 115 million euros last year, representing an increase of 26%. The majority of sales came from the engineering sector: 86.7 million, an increase of 11.4%, while the manufacturing business had a turnover of 28 million, more than doubling.

From Escribano they explain to this newspaper that last year they had problems with supply of components and purchased equipment. Looking ahead to 2024, forecasts are positive, with revenue expected to be between 165 and 180 million, growth of 43% to 56%, while maintaining a target of reaching 250 million by 2026.

However, the net result fell by 33% to 8.8 million, and the operating result fell by 37% to 12 million. In addition, the company Protection At the time of reporting, the company’s staff had increased to 950 people (in 2022 – to 569).

During 2023, EM&E acquired 4.98 million Prisa shares at an average price of €0.37 per share. Due to negative price dynamics, a deterioration of EUR 409,190 was noted.

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