One of the largest glass packaging manufacturers ended with a red $ 1,978 million. To move afloat, he made a strong cut in his work campus.
2024 was a year of challenges for Rigolleau. The iconic glass factory, with more than a century of history in Argentina, felt the impact of the economic crisis and closed the year with a loss of $ 1,978 million, In contrast to $ 720 million gain which had registered in 2023. With the fall in consumption, the collapse of industrial activity and cost increase, the company had to face adjustments in its structure, reduce its provision of employees and reconfigure their business to adapt to the new reality of the market.
Mass consumption closed 2024 as the worst year in two decades, with a fall in the 13.9%and the industrial sector was not on the sidelines either. In particular, the production of drinks – clash for the firm – a 13.2%which directly hit the demand for glass containers. This blow, added to the lowest competitiveness of exports, caused Rigolleau billing to fall 33% year -on -year at $ 105,953 million. Meanwhile, in terms of volume, the company dispatched 15% less tons of glass, reflecting the lowest level of activity.
Given this panorama, the company took measures to reduce costs and balance its accounts. One of the most important adjustments was the reduction of personnel, which went from 862 to 757 employeeswhich implied the decoupling of more than 100 workers. In addition, the low demand production was adapted, cutting the stock accumulated at 25% and optimizing processes to minimize losses. At the financial level, he renegotiated with suppliers and opted for import substitution, which allowed him to reduce his bank debt to $ 6,323 million, almost half of the $ 14,994 million of the previous exercise.
Despite these efforts, the balance reflects the impact of the crisis. The company’s profitability was strongly affected: The gross margin fell to 8% of the billingwhen in 2023 it had been from 14.95%. Besides, Financial expenses increased to 6.9% of sales, promoted by the high cost of credit in the first months of the year, when interest rates exceeded the 140% annual.
But not everything were red numbers. Rigolleau also advanced in strategic improvements to face 2025 with a better position. As explained in his balance, he launched the Oven 9a key investment that will add 100 tons of production daily For the manufacture of home products, a segment in which it hopes to recover competitiveness. In addition, he reinforced his commitment to sustainability with the modernization of his Glass Recycler Planta key pillar in its long -term strategy.
The truth is that in the face of the new year, the perspectives are still challenging, but, as detailed in the memory of their balance, The company is confident that the stabilization of the economy, the decrease in interest rates and more contained inflation allow it to recover part of the lost terrain. He also expects the recovery of consumption to drive the demand for its products, although it warns that competition with imported products will continue to be a factor to monitor.
More specifically, Rigolleau recognizes that 2024 was a year of adjustments and changes, but is optimistic about the future. “We will have to continue looking for competitiveness in costs and differentials in our business models, ”says the company.
Source: Ambito
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