Sacyr posts Ebitda of €166 Million (+16%) and strengthens its position in the wake of Covid-1919/05/2020
- Sacyr has made every possible effort to protect the health of its 40,000 employees worldwide and to ensure the continuity of its business activities, some of which are considered essential or of public interest.
- The current situation has not impaired the company's normal course of business, which has responded well to the rapidly changing landscape surrounding the COVID-19 crisis.
- Focusing on concessions: close to 80% of the company's EBITDA comes from concession-based assets carrying low-demand risk.
- Sacyr improves the profitability of its businesses, which now stands at 16.8%, 210 basis points higher than in the first quarter of 2019.
- The company's backlog of future revenue comes to €40.595 billion.
- Sacyr has fully hedged its exposure to the financial risk of Repsol's share price falling and continues to actively manage its stake in the oil company.
Since the onset of the COVID-19 pandemic, Sacyr has made every possible effort to protect its 40,000-plus employees worldwide and to ensure the continuity of its business activities, some of which are considered essential or of public interest. In fact, Sacyr has doubled down and is now working tirelessly with government bodies and the authorities in fighting this disease, none more so than the Services division.
Sacyr is taking the necessary steps to resolve the situation and minimize its impact. According to the latest estimates, this situation has not impaired the company's normal course of business, although changes have been made to keep up with the rapidly changing landscape resulting from the crisis.
Despite the impact of COVID-19, the first quarter results demonstrate the strength of Sacyr's business, which is now heavily focused on the concession business and assets carrying low traffic risk.
Sacyr posted EBITDA of €166 million in the first quarter of 2020, up 16% year on year. Around 80% of EBITDA now comes from concession assets distributed across the three business divisions. Revenues were up 1% between January and March reaching €985 million.
Net profit generated by the business units totaled €65 million, compared to €27 million in the first quarter of 2019. The group's net attributable profit came to €32 million (‑16%).
Sacyr managed to improve the profitability of its businesses in the first quarter, thus delivering on one of the company's key objectives. The EBITDA margin was up 210 basis points reaching 16.8%.