Medellin-based construction giant Conconcreto announced March 1 that its full year 2022 net profit rose to COP$61 billion (US$12.5 million), up from a COP$200 billion (US$41 million) net loss in 2021.

Revenues also rose 67% year-on-year, hitting COP$1.35 trillion (US$278 million), from COP$812 billion (US$167 million) in 2021, while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 40%, to COP$287 billion (US$59 million).

Despite relatively high interest rates and inflation, Conconcreto saw big improvements “thanks to the construction business in Colombia and in the U.S., in addition to our investments in concessions and the Pactia private capital fund,” according to the company.

During 2022, Conconcreto refocused its investments toward specialized construction, engineering and design, and operation and rental of assets, having now finished its work at the still-under-construction, US$5 billion “Hidroituango” hydroelectric plant in Antioquia.

“After more than 10 years of execution, the construction contract for Hidroituango hydroelectric project ended on November 30,” the company noted.

“During the fourth quarter of 2022, Empresas Públicas de Medellín (EPM) confirmed that the first two Hidroituango turbines are generating energy, thanks to the commitment and work of Conconcreto and other members of the CCC Ituango Consortium.”

Meanwhile, Conconcreto also successfully exited what it determined to be an unprofitable contract for the “Ruta 40” highway project in Colombia. “This transaction mitigates risks of trapping liquidity in long-term contracts and limits losses due to inflationary uncertainty, high interest rates and the global economy,” according to the company

Despite exiting the Ruta 40 project, construction backlog closed at COP$2.7 trillion (US$555 million), “equivalent to 2.7 years of income, with the business in the U.S. accounting for a 54% share,” according to the company.