Sacyr there is Attributable net profit of 92.4 million euros In the first nine months of 2023 36% increase compared to the same period last year increased gross operating result (EBITDA) by 12%Up to 980 million euros.
In these results, the company service subsidiaries have already discounted figures from Valoriza and Sacyr FacilitiesThe first has already been sold to Morgan Stanley, while the second will be completed to Serveo before the end of the year.
Without taking into account the income of these two subsidiaries, Sacyr’s turnover reached 3 billion 244 million euros, which is 6.1% less. with the same similar business (mainly construction and infrastructure) as a year ago.
International figure currently accounts for 76% of the totalLatin America leads the way, accounting for 49% of all revenues, followed by the United States and Canada with 6%. Europe’s share is 42%, the remaining markets 3%.
Inside concessionsBills fell by 6% and operating income increased by 18%, thanks to the good operational performance of the assets, the opening of different sections of motorways, the increase in traffic in Spain and the increase in transport rates. linked to inflation.
Construction revenue due to concessions dropped by 44% The Central Railway (Uruguay), which will be operational at the end of this year, and the Pamplona Cúcuta (Colombia) or Rutas del Este project (Paraguay), have been put into operation in July 2023 due to less execution of works in the completion phase.
About Sacyr Engineering and InfrastructureIt reduced revenue by 11% by focusing on the profitability of the business relative to volume and focusing on projects linked to its franchises (similarly affecting the company’s global billing).
But andThis activity generated revenues of €1,986 million, while the Concessions activity generated €1,356 million.. At the end of the first nine months of 2023, 90% of EBITDA came from preferred assets, and the total portfolio consisted of 69 preferred assets with an average remaining life of 24 years.
In this sense, the company estimates that the value of concession assets will reach 3 billion 254 million euros in December 2023; This represents an increase of €443 million, 16% more, compared to the last valuation in October 2021.
Record profitability
Profitability (EBITDA margin) reached a record figure of 30.2% in September, an increase of 4.9 percentage points compared to the same period in 2022.This increase is also attributed to Sacyr’s transformation into a privileged company.
The company will close the third quarter of 2023 Net recourse debt of 661 million euros, which it plans to reduce “significantly” in the coming months With the proceeds from the sale of the Valoriza and Sacyr Facilities. Net debt increased by 6.4% to 7 billion 307 million euros.
In the financial management of the company, it stands out that Sacyr has already put an end to its financial position with the early exchange of its options on Repsol shares, resulting in a cash inflow of 31 million euros. Spanish energy sector.