Urbas collapsed in Bag this Tuesday morning around 6% after announcing to National Securities Market Commission (CNMV) that its advantage It had been reduced by 93% in the first half of 2024. Concretely, around 9:30 a.m., its shares on the Continuous Market reflected a drop in value of around 5.6%. The company only earned 1.6 million euros, which did not go down well with investors.
Thus, the actions of Urbas, the company dedicated to infrastructure, renewable energiesreal estate development and services, were placed at a price of 0.0034 euros per share.
The company reported income of 112 million euros in the first half of 2024, down 26% compared to 151 million for the same period in 2023.
Urbas profits fall
This drop in revenue is attributed to restructuring of its construction businesses, which is part of a strategy to optimize the business, reduce overlaps and take advantage of synergies after its inorganic expansion.
Despite this, the gross operating profit (Ebitda) of the company was positive, although 61.1% lower than the previous year, standing at 7 million euros, with a margin of 6%.
However, Urbas indicated that after completing the restructuring process, it hopes for sustainable growth driven by its international projects.
In the first six months of 2024, international revenues reached €28 million, representing 25% of its total turnover, and it is predicted that by 2028 it will exceed 50%.
The energy and real estate sectors continue to post good results, with Ebitda margins 13% and 8% respectively. In addition, Urbas highlights its commitment to services in the sector senior And health carewhich generated a turnover of 0.6 million euros in the first half.
Urbas managed to maintain its level of financial debtto 201 million euros, in line with the level reached at the end of last year.
The president of Urbas, Juan Antonio Acedostressed that the company made a “great effort” in the process of restructuring and refinancing liabilities, in addition to being in the process of reorganizing the construction activity, which had an impact on the results of the ‘business.
“In any case, all the work accomplished is already bearing fruit, once again reaching positive figures in terms of Ebitda, operating profit and net profit and charting a promising future for the group,” he said. he added.
