The net attributable profit of the ACS Group in the first quarter of 2022 amounts to 136 million euros, with an annual growth of 59.7%, according to information provided by the company. Sales reached 6,926 million euros, increasing by 8.4% compared to the previous year.
ACS appoints Juan Santamaría new CEO and number two of Florentino Pérez
ACS presents at the end of March 2022 a net cash position of 665 million, compared to the net debt of 3,691 million 12 months ago. The substantial change in the financial position is based on the sale of the Industrial Services activity closed last year for 4,902 million.
All the activities of the company chaired by Florentino Pérez have performed well, especially highlighting the recovery of traffic on Abertis toll roads above pre-pandemic levels. Abertis' contribution to the company's Ebitda has improved by 20 million euros, while it has contributed 16 million to the group's profit.
However, it is the Construction area that remains the main business, since net profit grew by 11.7%, standing at 81 million euros. The Concessions activity obtained profits of 16 million, while the Services area developed by Clece contributed 8 million euros and the retained energy assets, included in Corporation, contributed 15 million.
Construction sales reached 6,406 million, with growth of 7.9%, thanks to the recovery of activity in both Dragados and Hochtief. The activity in North America stands out especially, with "a solid recovery after the impact of the pandemic in 2021", where sales reached 4,109 million.
International sales total 6,081 million euros, 95% of the total turnover of the Construction activity, with North America and Australia being the most important markets.
Abertis confirms the recovery path with average traffic growth of 15.8% compared to 2021, reaching pre-pandemic levels. This recovery in average daily traffic, as well as the contribution of the new concessions acquired, place sales at 1,126 million.
The Services area obtained sales of 437 million, increasing by 8.7% compared to the same period of the previous year and recovering the operating margins prior to the pandemic.
The company has also explained that in the first quarter of 2022 the takeover bid for 21.4% of Cimic began. At the beginning of May, Hhtief increased its participation to 96%, initiating the procedure of forced sale of minority shareholders. As of May 6, Cimic shares were delisted from the Sydney Stock Exchange.