MADRID, July 17 — Real Madrid closed the 2022-23 financial year with a €11.8 million (RM60 million) profit, the Spanish club said today, around €1 million less than in the previous season despite a higher revenue.
The Spanish club managed to remain in profit over the last four financial years despite the negative impact of the Covid-19 pandemic and the €893 million renovation project of their Bernabeu stadium, set to be concluded by the end of 2023.
“Operating income for the financial year 2022-23 has reached €843 million, an increase of €121 million (17 per cent) compared to the 2021-22 financial year,” the club said in a statement.
They added, however, that stadium revenues, limited by the redevelopment project, were still 13 per cent lower than in 2018-19 season but revenues from the remaining business lines have already exceeded pre-pandemic levels, with marketing revenues (up 12 per cent) standing out in particular.
Madrid said their net worth is €558 million, €12 million more than last season, and their net debt, excluding the Bernabeu project, stood at €46.7 million as of June 30 2023.
That is a major improvement from last year, when their net debt was €263.1 million. — Reuters
