July 12, 2024
Business Companies

Conconcreto Full-Year 2023 Net Income Plummets 98% Year-on-Year

Medellin-based multinational construction and real-estate giant Conconcreto announced February 28 that its full-year 2023 net income collapsed by 98% year-on-year, to COP$1.02 billion (US$259,700), versus COP$61 billion (US$15.5 million) in 2023.

Revenues dipped 9.9% year-on-year, to COP$1.22 trillion (US$310 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) fell 48% year-on-year, to COP$149 billion (US$38 million), according to the company.

“Amid the challenges presented by the current macroeconomic panorama — characterized by uncertainty regarding inflation and high interest rates — the company has managed to guarantee the execution of its projects and obtain a consolidated net profit,” according to Conconcreto.

Despite the miserable profit results, Conconcreto nevertheless cited a few bright spots in 2023 in Colombian construction contracts, including the six-year-long “Corredor Verde” project in Bogota, in which the company has a 60% share of a contract worth COP$446 billion (US$113 million).

Another 2023 construction contract in Bogota — with Instituto de Desarollo Urbano (IDU) — is for a public-transport hub, covering 32 months, worth COP$160 billion (US$40.7 million).

Yet another contract in suburban Bogota will extend an existing trunk-road project in Soacha over 14 months, worth COP$56 billion (US$14 million).

As for its construction backlog at year-end 2023, Conconcreto boasted that this amount has jumped to COP$3.8 trillion (US$967 million), from COP$2.7 trillion (US$687 million) in 2022.
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