The government’s estimate shows a notable jump in profits for state-owned groups next year, with total earnings projected at 2,332 million euros, marking a robust 56% rise over this year’s anticipated profits. The forecast appears in the 2023 General Government Budget Act presented this Thursday, signaling renewed activity and higher demand across multiple public enterprises. The figures reflect a broader shift in the public sector’s financial outlook, underlining how policy paths and market conditions could translate into firmer bottom lines for state participants. — Source: 2023 General Government Budget Act.
Among publicly traded groups, the largest contribution to profits is forecast from Lotteries and State Betting, expected to reach 1,854 million euros, about 3% above this year’s forecast. This sector represents a steady stream of revenue that is closely tied to consumer participation and regulatory frameworks. The Enaire Group follows, encompassing the Enaire air traffic management entity and a 51% stake in the airport operator Aena, with projected profits of 636 million euros, up 45% due to revived tourism and increased air travel demand. This recovery underscores how aviation and related services are rebounding in the post-pandemic landscape. — Source: 2023 General Government Budget Act.
The year-ahead projections for SEPI, the Public holding company that consolidates state interests in Correos, Navantia, Tragsa, RTVE, and minority stakes in Redeia, Enagás, Hispasat, and Ebro, show a return to profitability. The budget foresees a profit of 136 million euros for SEPI, contrasting with an expected loss of 29 million this year. Renfe-Operadora is projected to generate an 86 million euro profit, a tenfold increase over this year’s anticipated result. These expected gains reflect structural improvements in rail and related logistics, along with broader rebounding demand for mobility and freight. — Source: 2023 General Government Budget Act.
The rail sector remains a dominant driver of the government’s earnings outlook. Adif and its spin-off Adif-Alta Velocidad report healthy figures of 151 million and 286 million euros, rising 41% and 28% respectively from projected losses this year. The contrast highlights how investments in rail infrastructure can translate into immediate, tangible profitability when usage and traffic rebound. These results also emphasize the resilience of the rail network as a key pillar of national transport strategy. — Source: 2023 General Government Budget Act.
Public sector debt is expected to finish next year at 60,820 million euros, a figure slightly lower than this year’s forecast by 286 million. Adif-Alta Velocidad leads the debt rankings with 18,357 million, followed by SEPI at 10,735 million, Grupo Enaire at 7,788 million, Renfe Operadora at 7,788 million, and FROB at 6,870 million. The debt distribution reveals the heavy weighting of rail and government holdings in strategic assets, while also illustrating the ongoing need for prudent debt management as the economy expands. The numbers point to a careful balancing act between seizing growth opportunities and maintaining financial discipline. — Source: 2023 General Government Budget Act.