ACS quarterly profit soars 58% on construction sales, motorway business

Credit: REUTERS/Sergio Perez

MADRID, May 12 (Reuters) - Spanish builder ACS ACS.MC posted on Friday a nearly 60% rise in first-quarter net profit to 136 million euros ($141 million), supported by recovering traffic in the Abertis motorway business and strong construction sales.

ACS Group's sales in the first three months of 2022 rose more than 8% from a year ago to 6.9 billion euros, with all construction and concessions activities showing improved performance, it said in a statement.

As motorway traffic bounced back to pre-pandemic levels, Abertis, in which ACS holds a 30% stake, added 9 million euros to ACS' net profit, compared to a negative contribution of 6 million in the same period of last year.

The company's chairman and owner of Real Madrid football club Florentino Perez said last week the company was evaluating new opportunities to invest in highway concessions in the United States, and expected growing demand in the construction and concessions businesses to offer new investment opportunities.

ACS sold its industrial unit to French rival Vinci SA last year.

($1 = 0.9643 euros)

(Reporting by Corina Pons, editing by Andrei Khalip)

((corina.pons@thomsonreuters.com; +58 4241176064; Reuters Messaging: corina.pons.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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