FCC multiplies its profit by five and earns 139 million in the first quarter

FCC multiplies its profit by five and earns 139 million in the first quarter

The company reaches a turnover of 1,516 million euros (+2.1%) with an improvement in the operating margin in the Group’s business areas.

FCC headquarters.

The construction and infrastructure group FCC has obtained an attributable net profit of 139 million euros in the first three months of the year, which means almost multiplying by five the 28.1 million euros that it earned in the same period of 2020.

In the accounts sent to the National Securities Market Commission (CNMV), the listed company explains that this positive impact “reflects the behavior of the evolution of the recorded exchange rate, as well as the closing of the sale of various infrastructure concessions of transportation agreed last year”.

In October 2020, the company announced the sale of its entire stake in three concessions in Catalonia to the Vauban Infrastructure Partners fund for 409.3 million euros. The operation was closed the first days of this month.

More turnover

Among the large magnitudes reported by the FCC, the turnover. It has closed the first quarter above 1,500 million euros. Specific, 1,516 million euros, 2.1% higher to that obtained in the same period of 2020.

This evolution includes, as explained by the group, the effect of the measures implemented in March 2020still in force, for the fight against the pandemic, which have had a diverse effect on the different business areas.

The company controlled by Carlos Slim through Carso has emphasized the improvement produced in those business areas that were less affected by the mobility reduction measures adopted, especially those referred to as essential services. So, you have registered a gross operating result (Ebitda) of 254.5 million euros, 16.5% more than in the same period of 2020.

This positive result is mainly explained by the improvement in the operating margin achieved in the Group’s business areas, to which is added the provision of 20 million euros included in the same period of the previous year, as prevention and to combat the negative effects caused by the pandemic, later reversed. Adjusted for this effect, Ebitda for the year increased by 6.7% compared to March 2020.

The financial debt net, as of March 31 amounts to 2,613.7 million euroswhich represents 6.6% less than in the first quarter of 2020. The net worth at the end of the first quarter reached 3,061.4 million euros, thanks to the substantial increase achieved by the net result.

The Group’s business portfolio stood at 29,857.5 million euros at the end of last March, with an increase of 1.5% compared to the same period of 2020, due to the incorporation of new contracts in the Environment area, especially in its business in the USA.

Ellsworth Weber