The Álvarez sisters receive 31.6 million euros in dividends from El Corte Inglés through IASA.

The upward dividend distribution policy that El Corte Inglés has been implementing in recent years has a direct impact on the income statements of its shareholders. One of the main ones is Cartera de Valores IASA, the second-largest shareholder in the department store company with 18.4% of the capital, which includes the holdings of its president, Marta Álvarez; her sister and board member, Cristina; and their uncle, César Álvarez, brother of the long-time president and father of the former, Isidoro Álvarez.

IASA received dividends of €31.6 million from El Corte Inglés, 28% more than the previous year, as recorded in the company's annual accounts filed with the Commercial Registry. This amount is the result of the €160 million the distribution company paid to its shareholders on account of the 2023-2024 profit , which it paid out last year. This was a record return.

As a result, IASA generated total revenue of €31.7 million. In addition to dividends from El Corte Inglés, this company also has various financial investments. These financial incomes are 114% higher than those obtained two years earlier, the same proportion by which El Corte Inglés has increased its dividends during that time.

The revenue figure, €31.7 million, coincides with the net profit IASA reported at the end of its fiscal year, which ended on October 31st. Half of this profit was approved to distribute a dividend of €15.8 million to its three shareholders, while the other half was used to increase reserves. These stood at over €100 million at year-end, while net equity rose to €137.1 million.

IASA has three shareholders: Marta and Cristina Álvarez, each with 44.18%; and César Álvarez, who holds the remaining 11.64%. Based on these percentages, each of the two sisters is entitled to direct payments of almost seven million euros, while the third is entitled to 1.8 million euros.

In addition to its investment in El Corte Inglés, IASA also held shares and investments in funds, with an acquisition cost of €44.6 million, 76% more than the previous year.

Among other things, IASA acquired €34.8 million in shares and investment funds last year, "mainly managed by Santander and Caixabank," and sold €15.5 million in shares and funds, generating a profit of almost €275,000. In addition, the company held shares in smaller companies worth €16,960.

Its annual accounts also reflect how IASA appealed a ruling by the Tax Agency that enforced a ruling by the Economic-Administrative Court (TEAC) regarding the payment of corporate tax from almost 10 years ago, although the amounts are not detailed in the accounts.