Last year, the Alicante-based construction group Ecisa reported 61.2 million euros in revenue after it was acquired by Urbas Group through a share exchange with the Qatari fund Al Alfia in February of the previous year. This figure appears in the consolidated accounts filed by the listed company with the National Securities Market Commission (CNMV), which also shows Ecisa’s earnings turning from losses to a clearer path toward profitability. The year was difficult for the construction sector, and Ecisa’s results reflect a significant downturn that gradually eased over time.
These numbers reflect Ecisa’s activity from the date of the acquisition, February 16, 2021, and do not cover the entire fiscal period. Even so, the 61.2 million euro turnover marks a notable improvement for the Alicante firm compared to the prior year. Ecisa had faced a steep revenue drop in 2020, when the pandemic pushed its turnover down from a high baseline to a reduction of about 60 percent, settling at roughly 36.7 million euros after reporting losses of 88.4 million the year before.
While Urbas does not publicly break down Ecisa’s figures beyond this consolidated data, the trends point to a renewed rhythm and a trajectory toward the pre-pandemic levels. The 61.2 million euro revenue disclosed in the group’s documents places Ecisa second in terms of invoicing volume among the companies within the new Urbas portfolio, trailing only the 68.5 million euros generated by a leading engineering and construction firm in the same group. Urbas Group ended the year with total turnover of about 201.5 million euros.
Regarding results, the CNMV filings available to the new Ecisa owners show a net loss of 2.4 million euros for the period, and although the euro value remained negative, the company’s financials demonstrate a significant improvement in 2020 compared with 2019, when losses stood at 18.1 million and 25.6 million in 2018. Ecisa had not reported a profit since 2012. [CNMV consolidated accounts, 2021 attributions]
Evaluation
The Urbas group accounted for Ecisa through a share transfer that allowed Urbas to gain control over Ecisa. The adjustment was requested by the CNMV to reflect the price of securities at the transaction date rather than the contract price. Consequently, if the initial valuation was 26.2 million euros, the adjusted value paid by Urbas for Ecisa rose to 41.6 million euros. [CNMV adjustment note]
Meanwhile, Ecisa’s move to a new location on the San Juan coast carried its own significance. The firm relocated its operations to a building on Avenida Alfonso, a decision announced last year by the former Ecisa president, Enrique Barreiro, aimed at increasing visibility and proximity to potential customers. The building previously housed the company’s Alicante headquarters.
Ecisa’s former headquarters on the coast of San Juan continues to be a visual reminder of the firm’s coastal roots, as seen in recent company imagery.
As a reminder, Barreiro left Ecisa’s leadership earlier this year as the company came under the direction of Daniel Navalón, who serves as the general manager of Urbas Infrastructure and Construction, according to official company communications.
In 2020, Urbas Group began an expansion strategy based on acquisitions. The group acquired the Basque construction company Murias that year and, in 2021, broadened its portfolio with the energy company Sinsol and real estate holdings Nalmar and Alandalus, followed by the additions of Joca, Urrutia, and Ecisa.
Ecisa, founded in 1968 by Manuel Peláez Castillo, later came under the control of his descendants. In 2014, after a phase of international expansion, the founding family brought in the Qatar fund Al Alfia as a shareholder, which took full ownership in 2020, enabling Enrique Barreiro to lead. A few months later, the Qataris sold Ecisa to Urbas for a stake representing 4.85 percent of the newly formed group.