Sacyr earns 92 million euros until September, 36% more, and increases its Ebitda by 12%

Reduces comparable income by 6.1% by focusing more on profitability than volume and focusing on concessions

MADRID, 3 Nov. (EUROPA PRESS) -

Sacyr obtained an attributable net profit of 92.4 million euros in the first nine months of 2023, which represents an increase of 36% compared to the same period last year, while improving its gross operating result by 12% ( Ebitda), up to 980 million euros.

In these results, the company has already discounted the figures from its service subsidiaries Valoriza and Sacyr Facilities, the first already sold to Morgan Stanley and the second whose sale will be completed before the end of the year to Serveo.

Without taking into account the income of these two subsidiaries, Sacyr's turnover reached 3,244 million euros, 6.1% less than a year ago with the same comparable business (mainly construction and infrastructure).

The international figure already accounts for 76% of the total, with Latin America in the lead, which concentrates 49% of all income, followed by the United States and Canada, with 6%. Europe, for its part, accounts for 42%, and the rest of the markets 3%.

In Concessions, turnover fell by 6%, although operating income increased by 18%, thanks to the good operational progress of the assets, the opening of different sections of highways, the increase in traffic in Spain and the increase in highway rates because they are linked to inflation.

Construction income linked to concessions fell 44% due to lower execution of works that are in the completion phase, such as the Central Railway (Uruguay) and Pamplona Cúcuta (Colombia) - which will come into operation at the end of this year. year--, or the Rutas del Este project (Paraguay), which began its activity in July 2023.

Regarding Sacyr Engineering and Infrastructure, it reduced its income by 11%, by focusing on the profitability of the business versus volume and by focusing on projects linked to its own concessions (also affecting the company's global turnover).

However, this activity generated 1,986 million euros and Concessions generated 1,356 million euros. At the end of the first nine months of 2023, 90% of Ebitda came from concessional assets, with a total portfolio of 69 concessional assets with 24 years of remaining average life.

In this sense, the company estimates that the value of its concession assets will reach 3,254 million euros in December 2023, which represents an increase of 443 million euros, 16% more, compared to the last valuation carried out in October 2021.

Profitability (Ebitda margin) stood at a record figure of 30.2% in September, 4.9 percentage points more than in the same period of 2022, an increase that Sacyr also attributes to its transformation into a concessionaire firm.

The company closed the third quarter of 2023 with a net recourse debt of 661 million euros, which it plans to reduce "drastically" in the coming months with the income from the sale of Valoriza and Sacyr Facilities. Net debt rose 6.4%, to 7,307 million euros.

Within the company's financial management, the early settlement of the options that Sacyr had on Repsol shares stands out, which has led to a cash inflow of 31 million euros, so that it has already put an end to the financial position it had. in the Spanish energy sector.