Manuel Manrique: “Our business model offers solid and sustainable growth”

Manuel Manrique, pointed to the shareholders that the company will focus its efforts on obtaining the maximum value creation through a “sound and sustainable growth business model”.

The fruits of this strategy can be seen in the “spectacular” 2022 results. Last year, the EBITDA grew by 63%, to €1,502 million; profitability stood at a record 25.7%; and net profit was €111 million.

These figures are proof of a 2021-2025 Strategic Plan that's been fulfilled “successfully and ahead of schedule”. “We are going to start working right away on the definition of a new strategic cycle for early 2024 to consolidate our P3 business model with profitable growth”, Manrique explained.

Manuel Manrique explained at the AGM that the focus on P3 projects entails “increased growth” for the company.

“The excellent management of our 69 P3 projects, with an ever-improving risk profile, and new contract awards have raised the value of our assets to over €3 billion”, the Chairman said. Manrique also pointed out that in 2025 this figure would reach at least €3.7 billion.

“This is our prevision, and I dare say, it’s a cautious estimate”, Manrique added. The ability to bring greenfield projects into operation is manifest in the commissioning of six assets in 2022, and another four are scheduled for commissioning for the next few months.

In his address to the AGM attendees, Manuel Manrique stopped to mention the sale of VSM for €734 million to Morgan Stanley, announced last Monday. “It’s an outstanding operation, both for its financial outcome for Sacyr and the future that we hope it brings to VSM and its employees”, he said. 

Some of the most noteworthy agenda items are the accomplishments on the 2021-2025 Sacyr Sustainable Action Plan, the company’s roadmap to improve on the performance of this matter.

By 2022 financial close, progress on this plan was 71%, with 18 action lines and over 100 projects. Sacyr is included in the main ESG indices and rankings and was the first infrastructure company based in Spain to certify its water footprint.

The AGM authorized the execution of two capital expansions for a maximum nominal amount of €20 million necessary to pay the annual dividend in the form of scrip dividend.

In 2022, Sacyr paid two scrip dividends for €0.115 per share, which represent a return of 4.8%. “We’ve fulfilled the company’s goals and market commitments”, the Chairman said, also stressing that shareholder remuneration is “one of the foundations of the Strategic Plan”.