Conconcreto Nine-Months 2023 Profits Drop 90% Year-on-Year
Medellin-based construction giant Conconcreto on November 14 posted a consolidated net profit of COP$6.1 billion (US$1.5 million) for nine-months (January through September) 2023 — a 90% year-on-year decline.
“In the current macroeconomic context characterized by inflationary uncertainty and high interest rates, the company has demonstrated its ability to successfully execute its projects and achieve a consolidated net profit,” according to Conconcreto.
Operating profit for nine-months 2023 also fell 37% year-on-year, to COP$94 billion (US$23 million), with operating margin of 10.4% — a margin that seems relatively strong this year “as a result of investments in associates and joint ventures and optimization of the expense structure,” according to the company.
As for third quarter (3Q) 2023 profits, those fell 92% year-on-year, to COP$1.4 billion (US$346,000), from COP$17.7 billion (US$4.4 million) in 3Q 2022, according to Conconcreto.
Revenues for 3Q 2023 also plunged 69% year-on-year, to COP$17.7 billion (US$4.4 million), from COP$56.7 billion (US$14 million) in 3Q 2022, according to the company.
As for construction backlog, “Conconcreto started the year with a backlog of COP$2.7 trillion (US$668 million), and has managed to increase it to COP$3.7 trillion (US$915 million) by the third quarter of the year,” according to the company.
“This solid increase in the backlog ensures the continuity of the company’s work in the years to come, with 57% in construction and 43% in infrastructure — 61% of the backlog is in Colombia and the remaining 39% in south Florida (USA),” according to the company.
“The backlog is made up of 49% self-generated projects – that is, projects where the company invests and executes the civil works associated with these assets,” according to Conconcreto.
