The Diplomat
Técnicas Reunidas obtained a net profit of 20.4 million euros during the first quarter of the year, a 17-fold increase over the same period in 2022, the company reported to the Spanish National Securities Market Commission (CNMV).
Técnicas Reunidas’ sales soared 45% between January and March to 1,119 million euros, compared to 773 million euros in the first quarter of 2022.
The group explained that this increase in turnover is due to the “strong recovery in operations” despite the “highly volatile” scenario experienced in the first half of 2022, which affected raw material prices and the availability of labour, reports Europa Press.
The company, which has progressively returned to quarterly sales figures above 1,000 million euros, expects that this pre-pandemic level will be maintained in the coming quarters.
Técnicas Reunidas’ net operating profit (Ebit) reached 38.9 million euros in the first three months of the year, which represents an Ebit margin over sales of 3.5%, compared to 0.9% in the first quarter of 2022.
For the full year 2023, Técnicas Reunidas expects sales of 4,000 million euros and to increase its EBIT margin to 4%.
The company’s net cash position at the end of March stood at 142 million euros, up from 61 million euros a year earlier. The company has specified that this figure does not include the proceeds from the recently completed capital increase, which was closed during the second quarter of 2023.
The company’s accumulated backlog to date, which includes all the awards announced since the beginning of 2023, stood at 10,198 million euros, slightly below the figure at the end of March 2022. Técnicas Reunidas’ new contracts awarded in 2023 now total 1.67 billion euros.
“The first quarter results show that we are heading in the right direction, despite the slowdown in contract awards following the outbreak of the war in Ukraine. Sales continue to be above the 1 billion euro level, operating margins continue to increase towards our medium-term objectives, and we continue to accumulate growing profits,” said Juan Lladó, chairman of Técnicas Reunidas.
Lladó stressed that, with these trends, the company can “confidently reaffirm” its objectives for the year.
