Ferrovial obtained a profit of 460 million euros last year, 2.5 times more than the 185 million of the previous year, thanks to the entry into operation of several of its concessions. If in 2022 its assets distributed throughout the world brought it 475 million, the figure is now 57% higher, 741 million.
The Spanish-Dutch construction company presents these results while preparing its debut on the New York Stock Exchange, just six months after moving its headquarters from Spain to the Netherlands.
In presenting the results to the analysts, the managers still do not offer a date for the start of trading on the Nasdaq and limit themselves to saying that the 2023 accounts will also be registered with the US supervisor, the SEC.
Another open front is the sale for 2.7 billion euros of the 25% stake in London’s Heathrow airport. Ferrovial is trying to unblock the agreement reached with the French fund Ardian and the Saudi Public Investment Fund (PIF), without progress at the moment.
The company’s CEO, Ignacio Madridejos, indicated in the conference with analysts that the group remains “without certainty” that the operation will be closed successfully. The rest of the shareholders have the right to sell their shares when one of them does so, and there are three, Caisse de dépôt et placement du Québec, the Singapore fund GIC and the American Universities Superannuation Scheme, who want to exercise it.
The shareholders who have requested to join the divestment “add up to 35% of the capital” of Heathrow, Madridejos stated. “We are looking for alternatives, but at the moment we cannot comment on anything,” he added.
The group’s income amounted to 8,514 million euros, 13% more, while gross operating profit (ebitda) increased 37%, up to 991 million. The construction area is the one that contributes the most, with 7,070 million euros in turnover, almost 10% more than in the previous year.
Ferrovial has achieved a record construction portfolio, amounting to 15.6 billion euros, 5.5% higher than the previous year, and continues to appreciate “attractive investment opportunities in the United States.”
Work on the future terminal 1 of New York’s JFK airport is progressing “on time and in proper form”, and the company has already begun negotiating rates with airlines.
On the other hand, interest in Spain is less. The company’s CEO has also assured analysts that Ferrovial is not interested in participating in real estate projects in the country.
After sharply increasing profits, the company has announced that this year it will remunerate its shareholders with a maximum of 550 million euros through two editions of its ‘scrip dividend’, in which shareholders will have the option of receiving a dividend in cash or shares. It will also launch a share buyback plan for a maximum of 500 million euros.
