Conconcreto 1Q 2022 Profits Jump 76% Year-on-Year
Medellin-based construction giant Conconcreto announced May 13 that its first quarter (1Q) net income rose 76.8% year-on-year, to COP$22 billion (US$5.3 million), from COP$12.6 billion (US$3.06 million) in 1Q 2021.
Gross revenues rose 70%, to COP$237 billion (US$57.6 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 31.8%, to COP$29.8 billion (US$7.2 million).
In its U.S. operations, Conconcreto now boasts a hefty US$229.9 million construction backlog.
Meanwhile in Colombia, Conconcreto’s “Devimed” highway concessions on the Medellin-Bogota highway and on the “Oriente” (east of Medellin) highway between Llanogrande and Rionegro saw operating earnings rise 3.2% and EBITDA by 1.1% year-on-year.
Meanwhile, the “doble calzada oriente” (DCO) project east of Medellin – tentatively scheduled for construction start in October 2022 – aims to add another group of investors, with Conconcreto already holding a 60% participation share.
As for the “Via 40 Express” highway project being developed between Bogota and Girardot, this project saw an 86% drop in EBITDA for 1Q 2022 because of year-on-year differences in compensation payments during the Covid-19 crisis in the year prior, the company added.
