ACS Group reports 21.2% rise in construction profits
By Catrin Jones29 November 2022
ACS Group’s net profit in the first nine months of 2022 amounted to €480 million, doubling the results obtained in the same period last year. Its construction business obtained a net profit of €255 million — 21.2% more than the previous year.
The group says that sales in construction amounted to €22.9 billion, an increase of 21.2% compared to the same period of the previous year due to the recovery of activity in both Dragados and Hochtief (of which it owns a 68% share), as well as to the appreciation of the US dollar.
North America’s sales, which represented 66% of total construction sales, reached €15 billion showing a solid recovery after the impact of the pandemic in 2021, up 25.8% (11.6% adjusted by exchange rate) and representing 66% of sales.
Meanwhile, the company’s sales in Asia Pacific amounted to €5 billion due to Australia’s market growth of 18.5%. Europe also grew by 6.2% which is said to have been supported mainly by the Spanish, Polish, and UK markets.
International sales are said to have reached €21 billion, representing 95% of the construction activity’s total turnover, with North America and Australia being the most important markets.
The company’s backlog as of September 2022 is said to have amounted to €67 billion, 95% international, with a 14.1% growth (2.2% adjusted by exchange rate).