Puig has reported a 14.1% increase in net profit for 2024, reaching €531m, driven by strong sales growth and operating leverage.
Adjusted net profit rose 15.5% to €551m.
The group’s annual revenue climbed 11.3% year-on-year to €4.79 bn, outperforming the premium beauty market.
Organic growth stood at 10.9%, with momentum accelerating in the fourth quarter.
Marc Puig, chairman and CEO of Puig, credited the company’s financial discipline for the strong results.
“Our rigor and discipline enabled us to further improve our profitability, even while offsetting extraordinary one-off costs such as the IPO award given to all Puig employees to recognise their significant contributions over the years,” he said.
“By reducing our net debt and strengthening our financial position, we are well-positioned for future growth.”
The Barcelona-based company reduced its net debt by €442m, bringing it down to €1.07bn.
Puig said it continues to gain traction in the global fragrance market, with its value market share in selective fragrances increasing to 11.5% in 2024.
The group now holds three spots in the top ten fragrance brand rankings worldwide.
Carolina Herrera’s Good Girl became the number-one women’s fragrance line globally.
In the men’s fragrance market, Le Male by Jean Paul Gaultier secured the third position, while One Million by Rabanne ranked fourth.
The company’s adjusted EBITDA rose 12.3% to €969m, with an improved margin of 20.2%.
Puig’s portfolio also saw key strategic developments, including the arrival of luxury skin care brand Dr. Barbara Sturm and the extension of its alliance with Charlotte Tilbury.
“2024 was a transformative year for Puig as we became a publicly listed company after 110 years as a family business,” said Puig.
“We have delivered on our IPO commitments with strong revenue and profitability through continued premiumisation.”