FCC's Profit Surges by 87% in 2023 to €591 Million, Boosted by Cement Sector

FCC, the Spanish global leader in environmental services, water, and infrastructure, reported an 87.5% increase in net profit for the year 2023, reaching €591 million, primarily driven by its cement business.

FCC's Profit Surges by 87% in 2023 to €591 Million, Boosted by Cement Sector
Photo by Quique Olivar / Unsplash

FCC Group, headquartered in Spain, has achieved a notable financial milestone, with its net profit soaring to €591 million in 2023, marking an 87.5% increase compared to the previous year. This significant growth is attributed to the stabilization and robust performance of its core business areas, particularly the cement sector, which saw an 18.9% increase in sales. The company's overall sales rose by 17.1% to €9.026 billion, and its EBITDA improved by 16.6% to €1.530 billion, as per the data submitted to the Comisión Nacional del Mercado de Valores (CNMV).

The construction division of FCC also experienced a notable growth, with a 43.5% increase in billing, while the water division advanced by 12.4%. The real estate sector contributed to the profit boost, particularly through the equity accounting of its more than 21% stake in Metrovacesa, which added €142.4 million.

The project portfolio of FCC reached €41.620,8 million at the end of the period, marking a 3.3% increase from the previous year, largely due to the increased activity in the water sector. The company's net assets grew by 24.4%, reaching €6.145,9 million, buoyed by the consolidated profit increase and the impact of selling a 24.99% stake in FCC Environment's leading company.

By the end of 2023, FCC's net financial debt stood at €3.100,1 million, a decrease of 2.9% from 2022. This financial performance underscores FCC's strategic focus on its cement division and its commitment to growth and sustainability in its operational areas.

Source: CapitalMadrid