Abertis and the foreign business boost ACS profit by 17% to 523 million

  • ACS increases its investment in renewables to 609 million euros
  • The company’s indebtedness rises to 725 million euros

ACS obtained a net profit of 523 million euros in the first half of the year, which shows a growth of 17.1%, driven by the contribution of its stake in Abertis and the evolution of its international construction business.

The group that Florentino Pérez presides, he scores 104 million for the 50% stake minus one share it owns in the toll road company, 30% directly and another 20% through its German subsidiary Hochtief.

On the operational level, ACS increased its revenues by 5.8% between January and June, to add 18,817 million, of which 84% were generated abroad. Likewise, its gross operating profit (Ebitda) shot up 15.1%, to 1,621 million.

The United States remains the first market of the group, since it contributed 40.9% of these revenues, ahead of Australia, which contributed another 18.8%.

Spain accounts for 15.9% of ACS’s total business, a percentage that, however, grows slightly over the 13.9% that it presented a year earlier.

INVESTMENT IN ‘GREEN ENERGY’

In the first half of the year, ACS made investments for a total of 1,008 million, of which half, about 609 million euros, were channeled through its industrial division, mainly in renewable energy projects in Spain.

This data supposes accelerate investments in this area, since those for 2018 as a whole were 440 million, and is part of the group’s new commitment to this business through the recent launch of its new green energy subsidiary Zero-E, which is analyzing going public, and the electricity company Eleia.

This investment resulted in a rebound in its debt, which at the end of June stood at 725 million euros, compared to the cash position presented at the end of the 2018 financial year.