(Boursier.com) — the CIS Group climbs 5.7% back to 9 euros this Friday, while the group recorded revenue in the 1st half of the year on a reported basis of 157.1 ME, up 21.8% compared to the 1st half of 2021. The activity benefited from the ramp-up of major contracts signed in 2021 in Eurasia and the successful start of strategic offshore LNG contracts in Sub-Saharan Africa as well as a positive impact from changes in exchange rates. At constant exchange rates, sales amounted to 147.3 ME, up 14.2%.
CIS recorded an increase in its current operating profit of 37% to 7.1 ME, which outperformed the growth in turnover (+22%). The current operating margin thus amounts to 4.5% of revenue, in line with the profitability recorded in 2021 (4.4%) and the performance plans implemented which are fully bearing their effects.
The net income group share shows a significant increase of 158% to 6.3 ME, compared to 2.5 ME in the 1st half of 2021, under the combined effects of good operating performance and the improvement in financial income.
The quality of the results recorded in the 1st half enabled the Group to strengthen its equity, which stands at 63.4 ME. As of June 30, 2022, the level of cash amounted to 52.9 ME, for bank debt of 24.6 ME, reduced by 3 ME.
The group intends to accelerate its development in the energy, mining, infrastructure and military sectors by taking advantage of the many opportunities identified.
Backed by world-renowned expertise and a full range of integrated services, the Group thus plans to exceed the threshold of 300 ME in turnover for the current financial year…
“At this stage we are forecasting an annual trading profit of 13.1 ME, i.e. growth of 11%, and an EBITDA of 7.7 ME, up 50% thanks to currency effects (estimated impact of 3 ME on the result financial and 1 ME on the ROC) whose expected positive consequences for the year have already materialized in H1” comments Portzamparc, which is targeting a price of 13.20 euros with a buy notice.