Without taking into account the disappearance of its industrial activities from the results, the company would double its profits
ACS posted a reported net income of EUR 480 million in the first nine months of the year, down 11.9% from the same period of the previous year, when its industrial services business, which it sold at the end of 2021, reported a profit of 313 million euros, which now does not enter its perimeter. Excluding this effect, that is, excluding the profit of its industrial division last year and comparing the same business activity in both years, profit would have increased by 103% thanks to the improvement of all its divisions.
Concretely, construction made a profit of 255 million, 22.1% more; concessions increased by 36.1% to 145 million euros; and services another 5.5% to 22 million euros. Overall, business grew 25.5% over this period, despite the rise in material prices, the collapse of the global supply chain and the surge in energy prices.
The group’s total turnover amounted to 24,526 million euros, 10.6% higher, and the gross operating income (Ebitda) amounted to 1,263 million euros, 8.4% more than last year, thanks to the contribution of its dealer Abertis, which reached 133 million euros , 23% more. Currently, Abertis increased traffic on its toll roads by 11.9% after the removal of mobility restrictions and increased traffic in all countries where it operates allowed it to offset the loss of some concessions in Spain.
The other concessionaire, Iridium, contributed a further EUR 33 million, with a portfolio of 48 assets, including highway, rail and other social services concessions, with a EUR 567 million capital investment by ACS.
The order book closed September at 70,417 million euros, growing 13.6%, spreading 54% in North America, 28% in Asia-Pacific, 8% in Spain, 9% in the rest of Europe and 1% in South -America. In this sense, the international turnover amounted to 21,895 million euros, a figure that represents 95% of the total turnover of the construction activity, with North America and Australia as the main markets. The turnover in Spain represents 4.6% of the total.
In financial terms, ACS presented a net debt position of 288 million euros at the end of September, compared to the net debt of 3,573 million euros twelve months ago, reduced thanks to the sale of its industrial division for 5,000 million euros. fattened by the expenditure of 1,502 million euros to increase its position in Cimic, its Australian subsidiary, and in Hochtief, its German construction company.
With regard to shareholder value creation, the board of directors has amended the share buy-back program giving it a maximum of EUR 571 million, which will be in effect from February 2020 to July 2023. Prior to this change, the board of directors directors have agreed to reduce the share capital of the company by repurchasing 4.5 million treasury shares for a nominal amount of 2.25 million euros.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
