Spain's Sacyr rebounds with $118 million profit for 2022
Reuters
Published Feb 24, 2023 08:58
Updated Feb 24, 2023 09:17
MADRID (Reuters) - Spanish engineering firm Sacyr on Friday reported a 2022 net profit of 111 million euros ($117.5 million), rebounding from a loss a year earlier, helped by higher returns from its inflation-indexed concession roads businesses.
"Behind the strong 2022 results are new assets that begin to operate into concession services," the company said.
In 2021 it had posted a loss of 189 million euros.
Last year, Sacyr completed a highway and an airport in Chile, other roads in Colombia and a highway in Italy.
It is seeking to sell - entirely or stakes in - its cleaning services as well as 49% of its water division as it looks to focus on expanding its infrastructure concession assets, which contributed 88% of 2022's earnings before interest tax, depreciation and amortisation (EBITDA).
Sacyr said it is looking to sell parts of some businesses this year, mostly to reduce its debt, which stood at 546 million euros at the end of 2022.
($1 = 0.9446 euros)
(This story has been refiled to remove garble in paragraph 3)
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Written By: Reuters
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