Sacyr Reports 2023 Financials: Revenue, Profitability, and Strategic Moves Across Regions
Sacyr, the construction and infrastructure group chaired by Manuel Manrique, posted 2023 revenues of 4.609 billion euros, reflecting a 7.4% decline from the prior year. While gross operating income rose by almost 7%, net profit surged nearly 40%, reaching 153 million euros, up 43 million from 2022. The year’s mix shows a clear tilt toward value creation in core activities, with a track record of cost discipline and revenue linkage to inflation that helped manage margin dynamics in a volatile environment. The figures come as part of a formal presentation to the National Securities Market Commission (CNMV) and are consistent with the group’s ongoing strategic recalibration. [Citation: Sacyr annual report 2023, CNMV filing]
The engineering and infrastructure division led the earnings mix, delivering 2.734 billion euros in turnover, while the construction and concessions arm contributed less strongly, with revenue of 2.158 billion euros. On the operating side, the construction segment expanded its top line by 78 million euros, whereas the infrastructure unit faced a revenue decline of 427 million euros. Despite these revenue shifts, both divisions posted higher profits, with Infraestructures reaching 151 million euros and Construction 73 million euros. The overall effect underscores Sacyr’s focus on profitable growth and selective investment among its business lines. [Citation: CNMV presentation, 2023 results]
In the CNMV materials, Sacyr explains that concession activity improved thanks to projects won in Colombia, the contribution from Ruta 78 and Los Vilos-La Serena toll roads, strong ongoing asset performance, and revenue indexing to inflation. In contrast, the infrastructure income decline is framed as part of a deliberate strategy to prioritize profitability over volume. Since adopting the concession-facing strategy in 2021, the company has lifted its concession contracts by 443 million euros, reaching a total of 3.254 billion euros in contracts. This shift highlights a disciplined approach to portfolio management and capital allocation. [Citation: Sacyr CNMV presentation, 2023 results]
Colombia remains the principal contributor to the concession division, supplying 418 million euros in revenue, up 18% year-over-year. Other key markets include Chile with 346 million euros, Spain with 173 million, Uruguay with 119 million, and Mexico with 88 million. The company’s concession portfolio spans 34 road contracts, 14 water-related infrastructures, nine hospitals, four parking facilities, three airports, two interchanges, and a railway project. Overall, Latin America represents 49% of Sacyr’s revenue mix, followed by Europe at 42%, with the United States and Canada accounting for about 6%. These regional weights reflect the company’s geographic diversification and exposure to evolving public-private partnership frameworks. [Citation: 2023 regional breakdown, CNMV filing]
New Awards in 2023
Over the past year, Sacyr secured notable projects that expand its footprint in North America and Europe. The company was awarded the upgrade of a section of the Interstate 10 corridor in Louisiana, a project valued at approximately 1.9 billion euros. It also initiated the Pedemontana-Ven Suburban Toll Road project in Italy, with a sizable investment of 2.6 billion euros. Additional improvements covered five road segments near Turin and the preparatory work for El Loa Airport in Chile, underscoring ongoing activity across multiple geographies. These awards illustrate the group’s ability to win large-scale, asset-light concessions while leveraging existing operational capabilities. [Citation: Sacyr project announcements, 2023]
In the last year, the group completed the sale of two subsidiaries: Sacyr Medioambiente (Valoriza) and Sacyr Facilities. Valoriza was sold to Morgan Stanley for roughly 420 million euros, while Sacyr Facilities changed hands to Grupo Serveo (75% Portobello and 25% Ferrovial) for about 87 million. Additionally, Sacyr exited 49% of the Autovía del Eresma to GED Infrastructure and Caser Seguros for 69 million and disposed of 45% of the Autopista N6 to Bestinver for 45 million. These divestitures align with the strategic pivot toward core concession assets and higher-margin activities, freeing capital for select, growth-oriented ventures. [Citation: Corporate disclosures, 2023]