Sacyr sees 73% profit growth through 2027, seeks partner for concessions
Adds comments from Sacyr CEO, details
MADRID, May 9 (Reuters) -Spanish construction company Sacyr SCYR.MC expects its annual net profit to rise 73% by 2027 from last year's levels, it said on Thursday, as the motorway concessions-focused company seeks a minority partner for that division to propel growth.
The company projects that the net income, excluding one-offs, will reach 265 million euros ($284.24 million) in 2027.
The Spanish group that had sold its cleaning businesses to focus on building and managing motorways, is creating a new firm called Voreantis for the concessions assets already in operation where it will need a partner.
"We will grant entry to a stable and long-term partner with a minority stake," Sacyr CEO Manuel Manrique told a meeting with analysts. "This alliance will be a growth accelerator to triple the value of the company by 2033."
By that year, Sacyr plans to have between 4.5 billion euros and 5 billion euros in total equity invested, up from the 1.6 billion euros invested in 2023.
Sacyr CEO said he expects to have a new partner by the first quarter of 2026.
Sacyr expects its earnings before interest, taxes, depreciation and amortisation (EBITDA) to grow 6% to 1.61 billion euros in 2027 from 2023 levels, 95% of which will come from its concessions businesses.
The company did not provide full year-by-year results until 2027 as part of the new strategic plan presented to investors.
The company said its main markets in the coming years will be Italy, the United States, Chile, Australia, Canada, Colombia and Spain, adding that it planned to invest in larger concessionary deals, half of which will be in English-speaking countries.
($1 = 0.9323 euros)
Reporting by Corina Pons, editing by Andrei Khalip and David Evans
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