Ifema Aims for $300 Million Revenue by 2026
Ifema, the prominent fairgrounds organization, has set an ambitious target to achieve €300 million in revenue by 2026. This announcement was made by José Vicente de los Mozos, the president of the organization, during a breakfast event organized by Europa Press.
Growth Projections for Ifema
The strategy focuses primarily on increasing revenues from fairs and congresses, the organization’s main business area. Additionally, the upcoming Formula 1 Grand Prix in Madrid, scheduled for September 2024, is expected to significantly contribute to this goal.
Impact of the Formula 1 Grand Prix
- The event is projected to bring a direct economic return of €450 million per edition.
- It is anticipated to create over 500 million in indirect economic impact.
- The Grand Prix is expected to generate around 8,000 jobs.
Financial Performance and Economic Contribution
Ifema has demonstrated substantial growth in recent years, increasing its revenue from €60 million in 2020 to €234 million in the latest fiscal year. De los Mozos emphasized that Ifema serves as a vital engine for both Madrid and Spain, contributing 3.2% to the GDP of the Community of Madrid.
- Ifema supports approximately 47,000 jobs in the region.
- For every euro generated at Ifema, €25 is contributed to the Madrid economy.
- Each job at Ifema creates 100 additional jobs within the local economy.
Success in 2024
The year 2024 has already proved to be a landmark year for Ifema, with revenues exceeding €230 million. This figure represents a 30% increase compared to 2023. In the past year, Ifema hosted 740 events, leading to a net profit of €18.6 million, which reflects a remarkable growth of 166% compared to the previous year.
The organization remains committed to enhancing its economic impact, focusing on the broader goals of growth and employment in Madrid and Spain.
