This shareholder transition appears to fit well with Alicante’s Ecisa, which closed last year with its first profit in nearly a decade, a notable turn since 2012. The capital gain came from selling a railway infrastructure subsidiary, Steconfer, a move tied to an agreement by the Qatari fund El Alfia that sold 100 percent of Urban Group.
Ecisa’s revenue, after a drop in 2020 caused by lockdowns and the sector’s subsequent slowdown, rose by 70.9 percent in the past year to reach €61.6 million, according to the company’s accounts filed with the Commercial Registry. This rebound is impressive, yet it remains below the €73.1 million posted in 2019 before the pandemic outbreak.
The year’s activity report shows the core focus for Ecisa as a reshaped client portfolio aimed at more profitable projects, debt refinancing to increase liquidity, and the strengthening of operational synergies after joining the new group. This consolidation provided more resources and greater project opportunities.
In this context, the management report indicates that Ecisa ended the year with a backlog of works valued at €93 million, of which about 76 percent is expected to be executed during the current year.
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This business progress stems from the group’s ongoing exploitation strategy, though it did not suffice to push profits into positive territory. In 2020, Ecisa posted a €12.2 million deficit, of which only €568,000 translated into a negative contribution to the result.
Yet the sale of Ecisa shares in Steconfer contributed a €2.9 million positive impact, while activation tax credits added another €2 million. Net of these elements, the company is projected to post a profit of more than €3 million, a significant swing from a €16.1 million loss the previous year.
Here are some of the results that give the leadership reasons to stay optimistic about the outlook. The balance sheets project a turnover of €98.7 million for the current year and €177 million in 2024. They also anticipate a net profit of €4.7 million in 2022, rising to more than €10 million within the following two years. Naturally, the firm did not confirm how the Ukraine conflict and related cost pressures might alter these forecasts.
[Citation: Ecisa Aprobaciones y estados financieros, Información corporativa 2023].