Budimex posted PLN 106.3 million in consolidated net profit attributable to shareholders of the parent company in Q1 2023, compared to PLN 56.38 million in profit a year earlier, the company announced.
Operating profit was PLN 102.33 million, compared with PLN 57.44 million profit a year earlier.
Consolidated sales revenues reached PLN 1939.43 million in Q1 2023 vs. PLN 1598.99 million a year earlier.
Budimex Group’s sales revenue in Q1 2023 increased by more than 21% year-on-year, with improved operating profitability. A high order backlog and relatively good weather conditions allowed to increase the scale of revenues of the construction segment by more than 20% compared to the same period of the previous year. In addition, some of the significant road contracts executed under the ‘design and build’ formula have moved into the execution phase this year, which translates into an increase in sales in this area. A key contribution to the improvement in the group’s operating profitability in the first quarter of 2023 was made by Mostostal Krakow, which in the same period of the previous year suffered from the negative effects of the outbreak of the armed conflict in Ukraine, in the form of a spike in steel prices and the disruption of the supply chain. In the current year, the availability of steel has significantly improved, and the prices of the various steel assortments used by the company in its production process are approaching the levels quoted before the outbreak of war, according to the report.
In the first quarter of 2023, the service segment, of which the FBSerwis Group is a pillar, significantly increased sales revenue (by more than 30%) compared to the same period last year. At the same time, there was an increase in the operating profit and gross profit generated, as well as an improvement in operating profitability. The main factors were the acquisition of a stake in a new venture, the increase in waste processing and the higher value of realized contracts in the road segment, it was also stated.
On a standalone basis, net profit in Q1 2023 was PLN 92.32 million, compared to PLN 51.63 million profit a year earlier.
Source: Budimex Group and ISBnews
