Técnicas Reunidas reported an increase in net profit of 58% between January and September, reaching 65 million euros. A growth that is also accompanied by the boost in hiring, with 4,135 million euros until the third quarter that include 1.5 billion in energy projects in the Middle East the details of which he has not yet revealed. With this, the portfolio stands at record levels, with 12,387 million euros. This figure implies an increase of 18% compared to a year ago (10,470 million).
Among the most relevant contracts in the period, the Jafurah III project for Saudi Aramco, in Saudi Arabia, stands out, which provides engineering with a portfolio of 1,260 million euros; the petrochemical unit for KazMunayGas, in Kazakhstan, for 1.2 billion; and a contract for services in the United States for a petrochemical project for 100 million.
The growth in net profit was driven by the positive evolution of most of its ratios. The operating result (ebit) reached 131 million in September, 10% more than in the same period of 2023. The ebit margin climbed to 4.1%, compared to the 3.7% reported at the end of the first nine months of last year. In the third quarter this percentage rises to 4.2% after reporting an ebit of 47 million.
Sales, for their part, they contracted slightly, 1%, to 3,219 millionwith 1,125 million generated between July and September (3% more than between April and June).
The group led by Juan Lladó closed the quarter with a net cash position of 298 million euros, 28% more than the 234 million it presented a year agoalthough below the 348 million at the end of 2023.
Lladó underlines in the communication of the quarterly results that “we are pleased to share significant news in relation to the award of important Energy projects in the Middle East, for a total amount of 1.5 billion euros for Técnicas Reunidas.” “Although we cannot make all the details public at this time, it is important to note that these projects have already begun under a ‘limited notice to proceed’ requested by clients. These projects – he adds – They are being executed in a 50/50 consortiumtogether with a strategic construction partner, as well as collaborating closely with our customers and turbine suppliers,” he adds.
“With these new awards, Técnicas Reunidas’ portfolio has reached unprecedented levels, close to 12.5 billion euros“adds Lladó, who highlights “not only the size but also the quality of this portfolio.” “All these new large projects will be carried out in collaboration with strategic partners. Our objective continues to be excellence in the execution and efficient management of project risks,” he emphasizes.
The president of Técnicas Reunidas also emphasizes “the firm progress of our financial results, with a continued growth in sales, operating margins and net profitall of which contributes to strengthening our balance sheet.”
Looking ahead, “we anticipate that these positive trends will continue, sustained by our record high-quality portfolio, our solid execution capacity and the trust of our clients,” says the manager. Not in vain, the company It expects to obtain sales of around 4.5 billion euros by the end of 2024, Therefore, in the fourth quarter, previous volumes would improve. Meanwhile, it estimates an ebit margin of 4%.
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