The infrastructure giant said the resumption of road traffic on Abertis’ networks to pre-pandemic levels led to positive first-half results for the concessions unit.
Net profit was down 6% year-on-year to €330 million, although the contribution from the concessions business almost doubled. Profits from construction activity were slightly higher than in the same period of 2021.
Last year’s results included the sale of the company’s industrial division to the French group Vinci for 215 million euros. On a comparable basis, i.e. without taking into account in 2021 the contribution of the Industrial Services activity sold in December or the negative impact of changes in the value of financial instruments linked to ACS shares, the profit net grew 43.7% year-on-year.
Revenue from North America reached €9.3 billion and accounted for 65% of total construction revenue. The company said these results showed a strong recovery from the impact of the 2021 pandemic.
ACS reported a portfolio of construction projects worth 66.66 billion euros at the end of June, up 16.3% from a year earlier.
At the end of June, ACS said the group held a net cash position of €1 billion, compared to net debt of €2.9 billion 12 months ago.