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Sacyr increases its profit by 52% to 64 million due to the pull of the concessions

Date: May 22, 2024 Time: 17:37:38

The construction company Sacyr earned 64 million euros during the first half of the year, representing a growth of 52% compared to the same period of the previous year, thanks, above all, to contributions from the group’s concession business. In the first part of 2023, the gross operating result (ebitda) reached 645 million, which represents an increase of 28%, and the company modified its ebitda margin from the history of the group of 30%, which is mainly supported , in the Concessions division (45% more), according to the accounts submitted to the National Securities Market Commission (CNMV) and collected by Efe.

In fact, the concession ebitda, which includes the Italian assets in the Engineering and Infrastructure division plus the assets of the Concessions division, exceeded 576 million, representing approximately 90% of the group’s total ebitda. For its part, the turnover closed in June at 2,164 million euros, 0.4% less, being 78% international.

By markets, Latin America concentrated 50% of revenues, followed by Europe (41%), the United States and Canada (6%) and other markets (3%). Sacyr’s portfolio grew 8% in the first half, to 55,859 million euros. Of this figure, 90% was international and 86% corresponded to concessionary businesses.

Results by business area

Sacyr Concesiones obtained a turnover of 911 million, 5% more, and an ebitda of 425 million, 45% higher, thanks to the good operating performance of the assets, the contribution of the Ruta 78 and Los Vilos toll roads, in Chile, and the increase in traffic in Spain. This division is consolidated as the motor of the group and as the main activity of the company.

The engineering and infrastructure business entered 1,327 million, 9% less, in a strategy of prioritizing profitability over volume. On the other hand, the ebitda grew 2%, up to 198 million. The division’s backlog closed at 7,342 million, similar to December, and 55% corresponds to Sacyr Concesiones projects.

The company, which has already reached agreements to dispose of its Services business, closed the semester with a net financial debt of 7,828 million, 338 million more than at the end of the year, and a net debt with recourse of 627 million, compared to what s 644 million for the month of March.

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