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Orbea's annual report shows $438M in sales, 1,000-plus employees

Published May 9, 2023

MALLABIA, Spain (BRAIN) — Orbea has doubled its workforce in the last three years and now has more than 1,000 employees, with 80% of the in Spain's Basque Country.

The brand, which is organized as a cooperative, reports 2022 sales of 400 million euros ($438 million), with 85% coming from export markets. After taxes, profits were 20% higher than in 2021.

Orbea held its annual general assembly on May 6. The company said it had achieved its goals of becoming a more global brand while remaining loyal to its corporate identity and values as a Basque manufacturer. It said it will carry on investing in manufacturing and logistics capacities, developing state-of-the-art technological solutions, ad building the skills of the people who are part of the brand.

More than 20% of profits was allocated to the different social action and solidarity funds the cooperative has established.

"After the restructuring of the board at the end of the last year and the announcement of its results, Orbea is facing future challenges with confidence and commitment. The company is looking forward to the start of a new era that will allow it to consolidate the positions achieved, continue generating wealth and sharing it with society," the company said.

Topics associated with this article: Earnings/Financial Reports

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