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Sacyr increased its profit by 39% in 2023 and cleared more than 1,000 million of debt

Date: April 20, 2024 Time: 07:24:21

The construction company Sacyr recorded a net profit of 153 million euros in 2023. The figure is 39% more than the previous year. The accounts presented to the National Securities Market Commission (CNMV) show that the Spanish company reduced its turnover by 7% compared to the previous year, to 4,609 million euros.

With a clear strategic focus towards infrastructure concessions with the incorporation of new assets to its portfolio, the company chaired by Manuel Manrique opted for divestments with the aim of improving competitiveness and reducing debt. This strategy has been reflected in a reduction of more than 1,000 million euros of net debt, from the 7,490 million euros that it accumulated in 2022, to 6,408 million at the end of last December.

To reach this milestone, the construction company has had to divest itself of its service subsidiaries Valoriza Servicios Medioambientales, which was awarded to Morgan Stanley for an amount of 420 million and Sacyr Facilities, which bought Serveo – a company controlled by Portobello with a 75.01% stake. by Ferrovial. – for 90 million euros.

Focused on infrastructure concession businesses, its income statement reflects the company’s continuous generation of value thanks to this activity, which already contributes 93% of the group’s ebitda. Precisely this last value increased by 7% in 2023, to 1,523 million euros, while profitability, measured as EBITDA margin, grew by 430 basis points, reaching a record figure of 33%. The same trend was experienced by its operating cash flow, which shot up 20% to reach 848 million euros.

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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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