MADRIDNov 11 – Spanish construction company Sacyr believes that its operating gross profit will grow in double digits in the coming years, as it focuses on road projects where concessional conditions are linked to inflation, its chief financial officer said Friday.

Sacyr recorded an increase in profit before interest, tax, depreciation and amortization (ebitda) by 47% over the last nine months, to 924 million euros (952 million dollars), mainly benefiting from the concession business after the operation of eight major transportation companies. this year’s project.

“Group EBITDA growth will continue at a very strong rate over the next few years, (…) always in the double digits,” chief financial officer Carlos Mijangos told Reuters at the company’s Madrid headquarters.

The highway recently completed in several Latin American countries and in Italy, together with three other transportation projects to be ready by 2023, will provide the fourth largest transportation concession group in the world with stable cash flow for the next 25 years.

Most of Sacyr’s concession contracts are inflation-related and have mechanisms that make them less dependent on traffic volume.

DIVESTMENTFOR 2023

The company, which also posted a nine-month increase in net profit of 13% to €68 million, plans to launch sales of 49% of its cleaning and recycling services business and seek partners for its water subsidiary before the end of 2023. It is expected to announce financial advisory for operations. divest early next week.

The asset has attracted interest from infrastructure funds, industrial firms and private companies, executives said, with offers expected next summer.

The divestment plan will provide additional funds to accelerate the growth of the infrastructure concession business, particularly in continental Europe, the UK, Australia and Canada.

It also expects to reduce net debt over the next two years, minimizing its financial risks.

The CFO has ruled out an immediate exit from the water business as he seeks to seize opportunities from new water supply units in Central Europe, the United States and Australia amid increasing droughts.

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