Conconcreto, Construcciones El Condor 2015 Profits Jump on Infrastructure Projects
Medellin-based construction industry giants Conconcreto and Construcciones El Condor both reported March 1 that revenues and profits are soaring thanks to recent, current and future launches of giant construction projects including the “fourth generation” (4G) highways and related ocean freight ports.
According to Conconcreto, full-year 2015 profits soared 305% year-on-year (y-o-y), to COP95.2 billion (US$29 million), while construction project-order backlogs rose to COP2.55 trillion (US$794 million), half of which will be executed during 2016.
Full-year 2015 earnings before interest, taxes, depreciation and amortization (EBITDA) rose 99.6% y-o-y, to COP265 billion (US$82 million), with a margin of 21.8%, according to the company.
Liquidity also has improved thanks in part to a 33.9% cut in corporate debt, along with an equity injection from France-based infrastructure giant Grupo Vinci (see “Conconcreto Nabs French Investor Vinci; Unveils Antioquia Port Project,” Medellin Herald, December 21, 2015).
The Grupo Vinci equity injection will enable Conconcreto to tap extra financial resources in order to participate in future “4G” highway construction projects, according to the company.
Construcciones El Condor Soaring
Meanwhile, Construcciones El Condor likewise reported a huge jump in gross income for full-year 2015, to COP1.39 trillion (US$432 million), from COP400 billion (US$124 million) in 2014.
Net income also skyrocketed, to COP148 billion (US$46 million), from COP5 billion (US$1.5 million) in 2014, according to the company.
Among the key highway infrastructure projects in which El Condor is participating are the “Ruta al Mar” project, the Cesar-Guajira highway project, and the “Vias de las Americas,” all in Colombia.
