Conconcreto, one of the leading infrastructure development and construction companies in Colombia, announced at the beginning of 2023 it reached the highest backlog in its history of 4 trillion Colombian pesos (COP), surpassing by 45% the jobs of 2022, with the award of two contracts that ensure income until 2025.
The largest project, Calle 13 for 977,000 million COP in Bogotá, Colombia, which was acquired in early May, includes (lot 1) the construction of the grade-separated intersection of Puente Aranda and (lot 2) the adaptation of TransMilenio of Calle 13, covering the intersection of Avenida 68 to the overpass of Avenida Constitución.
The second project, Lagos de Torca for 247,000 million COP, which was awarded in March, considers the construction of the pumping station and the sanitary collector Av. Boyacá, as well as the development of Avenida Guaymaral, from Avenida Boyacá to the North highway, where it has complementary works for 189,000 million COP.
In the first quarter of 2023, which does not incorporate the Calle 13 project, the company registered 3.00 trillion COP in backlog; with a composition of 39% of infrastructure jobs and 61% in construction, of which, 53% of the portfolio is developed in Colombia and 46% in the United States.
The construction company plans to make the most progress on projects in 2024.
The backlog of developments in the United States as of March 30 was 335 million dollars. Alejandro Villegas, CFO of the company, said in a press conference that "the corporation has been opening the market for seven years, consolidating businesses in South Florida, and has focused on real estate development for sale and rent, and they have investments of 2.5 million dollars to execute."
The construction company generated income in the first quarter of the year for 329,965 million COP (70.93 mdd), an increase of 25.1% compared to the first quarter of 2022; with construction being where the largest operation is concentrated with 272,257 million COP.
The net profit for the year was 6,310 million COP (1.35 mdd), which represented a fall of 71.6% due to a significant increase in taxes because a large part of the expenses for the period were not deductible.
However, the generation of business, the decrease in operating expenses of 10.9% and the increase of 90.3% in Ebitda, allowed to absorb the increase in interest rates for obligations and maintained the same level of pre-tax earnings reported a year ago, of 29,880 million COP. The financial cost amounted to 27,421 million COP for the period.
The company's consolidated debt as of March 30 amounted to 780,000 million COP, of which 242,000 million COP correspond to construction and housing projects and the strategy to deleverage the rest of the obligations for 532,000 million COP is maintained.
The company continues to show financial improvements since 2022.
(Investing, exchange rate COP-dollar as of March 30: 4,651.50)
