Coderes earnings in the final three months of 2021 reached €291 million, a figure exceeding twice the income generated during the same period in 2020. This sum accounts for 85% of the company’s total earnings in 2019, prior to the onset of the COVID-19 pandemic.
The last quarter of 2021 marked the inaugural operational period for Nueva Codere, a newly established enterprise formed after creditors assumed control of the original Codere operations due to substantial financial liabilities.
Within Spain, revenue experienced a 31.6% surge, reaching €42 million, nearing 90% of its total earnings in 2019.
In Italy, revenue saw a 50.0% increase, settling at €75 million, despite the implementation of mandatory “COVID passports” for entry into its facilities.
In Mexico, revenue more than doubled, reaching €54 million, although this figure remains 26% below the total revenue recorded in the final quarter of 2019.
Codere stated: “The market’s recovery has progressed at a slower pace compared to other regions due to the ongoing presence of operational and capacity limitations, coupled with the sluggish macroeconomic recovery within the country.”
In Argentina, income declined by 13% to €66 million due to broad economic factors, compared to the final quarter of 2019.
In Uruguay, income increased by 6% to €12.6 million, while in Panama, income expanded twofold to €16.5 million. Income in Colombia was €4 million.
Codere’s remaining digital business income increased 10% compared to 2020 and 46% compared to 2019. Before its reorganization, the majority of Codere’s digital business was separated into Codere Online, which went public last year on the Nasdaq through a merger with a special purpose acquisition company.
In addition to disclosing its financial results, Codere also announced the appointment of Antonio Zafra as Legal and Compliance Director and Fernando Pombo as Strategy and Business Development Director.
Zafra is a seasoned attorney who has held legal and compliance positions at CaixaBank and IberiaBank, and also served as Director of the Deputy Minister’s Office at the Spanish Ministry of Finance.
Before joining Codere, Pombo was the Chief Financial Officer of healthcare group Omint. He also worked as a consultant at Andersen and Ernst & Young.
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