Why isn't there Uber or Cabify in southern Gran Canaria? The San Agustín Taxi Drivers' Cooperative is more than just a sector-specific service provider; it's a precise barometer of consumption and mobility in Gran Canaria's economic engine. The 2024 Annual Report, which we have obtained, reveals a massive revenue structure approaching €18,06 million, consolidating a business volume that, while stable, reflects the inherent pressures of an economy with rising costs and operating margins that demand meticulous management, according to data from the audit submitted to the Canary Islands Government, which Maspalomas24H accessed after requesting a copy from the official transparency registry.
The first thing that stands out in the profit and loss statement is the nature of its revenue. In financial terms, the Cooperative operates more like an energy and convenience services distributor than a closed mutual society. Non-cooperative income (sales to non-members) represents a staggering 87,05% of the total, amounting to €15,72 million.
The core of this financial machinery lies in fuel supply. Sales at the Faro station and sales to third parties in San Agustín injected more than €12,5 million in 2024. However, the stagnation of total revenue compared to 2023 (when it reached €18,36 million across all categories) indicates a stabilization of the market following the post-pandemic rebound and the inflationary crisis in the hydrocarbon sector.
Cost structure and the profitability challenge
Despite the impressive revenue, the operating profit (EBIT) reveals a figure that gives cause for reflection: an operating loss of €156.094,34, although this represents a substantial improvement compared to the €269.739,44 loss of the previous year. This trend suggests an optimization of supplies, which decreased from €15,3 million to €14,1 million, offsetting the increase in personnel expenses, which climbed 17% to over €2,1 million. The increase in the external services item (which rose from €1,3 million to €1,7 million) underscores the reality of ongoing operations in the south of the island: maintaining operational infrastructure in areas of high tourist pressure is becoming increasingly costly.
The Cooperative's revenue doesn't depend solely on fuel sales. Its financial structure relies on strategic stakes that ensure its relevance within the transportation ecosystem: it holds a 50% stake in Guaguas Maspalomas, granting it a shared control position, and owns 32,86% of Socomtaxi, directly linking it to the sector's regional purchasing and services center. Furthermore, the diversification of smaller revenue streams—ranging from €1,2 million in spare parts sales to income from car washes and tobacco management at the Faro shopping center—acts as a necessary liquidity buffer for daily cash flow. The San Agustín Cooperative is positioned to become, by 2026, an entity that, while managing large-scale business volumes, must continue to address the erosion of operating margins to guarantee its long-term sustainability.
