Condorell Corporation to quadruple its profits in 2021 – Construction

Condorell Corporation to quadruple its profits in 2021 – Construction

Construction company Condorell earned a net result of nearly €5.8 million in 2021, which is an increase of about 409% compared to a profit of €1.1 million recorded in the previous year.

Based on the results for the year, the group’s management proposed to pay 1.8 million euros in dividends, which is equal to one euro per share.

In the consolidated report and accounts for last year, the Ermesinde-based company revealed that sales volume grew by more than 25%, to 156.2 million euros. “An activity-based development in Portugal that accounts for 64% of the total activity, with a special contribution to two of the largest works” in progress, such as the third expansion of the eastern berth of Sens Port and the construction of the Alto Tamija Dam.

EBITDA for Conduril also improved by more than 30% to nearly €17.9 million last year.

In the document, the company, whose CEO, Benedetta Martins, stressed that “2121 was predicted by economic agents as the ‘boom’ year after the ‘storm’ in which the SARS-CoV-2 virus spread to the global economy, but the recovery turned out to be slower.” Much more than initially expected.”

The group also highlights a range of additional difficulties the construction sector faced in 2021. “The labor shortage was exacerbated by the temporary layoffs of workers who tested positive for COVID-19,” but also “the many delays and price increases” in the acquisition of new equipment and items Maintenance is “largely due to a lack of electronic components,” he points out.

“The main materials used in the production process saw a sharp rise in prices, some more than doubled,” says Condorell, “and demand maintained a conservative behavior, again deferring some of the investments announced long ago,” says Condorell, who used With an average of 2,350 in 2021, 30% of them are in Portugal.

According to the accounting document, the group’s net debt returned last year “to present negative values, after the exceptional situation we saw in 2020 – largely due to the investment that was made that year.” Thus, the group’s net debt, at the end of December, was negative by 4.3 million.

In the document, the group considered that “2022 will be a year full of significant challenges”, drawing attention to “a large-scale deterioration of all supply and supply chains.”

For the construction company, “the long-awaited stability of commodity prices is becoming an increasingly mirage”, “the restrictions on movement are taking a long time to disappear”, “the instability of the exchange rate of currencies in the countries in which it is located. The work does not seem to give a respite” And “the number of public tenders in international markets remains small.”

However, the forecast for this year is at the level of 2021, that is, taking into account that the order book was more than 500 million euros at the end of last year and that the projected investment plan for the sector in Portugal “begins to emerge. In the second half of this year ” .

Conduril Engenharia – the name adopted in 2011 by the company founded in 1959 – is active in Portugal, Angola, Mozambique, Morocco, Botswana, Spain, Cape Verde, Senegal, Zambia, Malawi, Gabon and Zimbabwe.