4 may 2017

Elecnor posts 14.1% sales growth in the first quarter

Madrid, 4 May 2017.- Elecnor obtained consolidated net profit of EUR 20.1 million in the first quarter of 2017, up 4% from EUR 19.3 million in the same period a year earlier. This growth was underpinned by the strong performances of the Infrastructure and Concessions businesses, the Group's two core mutually-enriching business areas.

The Infrastructure business is generating better profit in countries which the Group's presence is relatively recent, with our US subsidiary Hawkeye performing well, for example. Solar PV projects are also under development in Chile and Bolivia and EPC work is continuing on the combined cycle power plant for the Comision Federal de Electricidad in Mexico. In the domestic market, the strong performance in 2016 continued. 

Revenues
 
At 31 March, Elecnor's consolidated revenues totalled EUR 475.1 million, up 14.1% from EUR 416.2 million in the first quarter of 2016. 

Growth stood at 24.3% in the international market, which in the first three months accounted for 59.4% of total sales, with the domestic market accounting for 40.6%.

These strong figures were shaped by the larger sales volume posted by the Infrastructure business, generated by the work on the combined cycle power plant for the Comision Federal de Electricidad in Mexico, the start of the installation of two solar PV plants in Chile and Bolivia and the development of the Cantareira transmission line in Brazil, in which the Group holds a 26% stake through its subsidiary Celeo Concesiones e Inversiones. Another favourable factor was the average exchange rate of 3.3 Brazilian reals for one euro compared with 4.3 reals in the same period last year. Likewise, the Concessions business reported higher sales.

Backlog

Our backlog at the end of March 2017 amounted to EUR 2,413 million. Of this total, 81% corresponded to the international market, whose backlog totalled EUR 1,949 million, up 1.6% compared with December 2016. The domestic backlog, meanwhile, continues to pick up and grew by 10.2% to EUR 464 million.

Cost control

The Elecnor Group continues to step up the cost containment and control policies that all Group companies have been applying consistently, and above all in the current market. The Group has made a significant effort to adapt the resources used in its activity to the current economic backdrop and has achieved notable efficiency gains in recent years. 

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