Constructora Conconcreto released its quarterly report for the first quarter of 2022, reporting positive results, growth, and high profitability margins versus 2021 driven by the execution of the main backlog contracts as well as a higher contribution from investments.
The Company achieved a revenue growth of 70.54% compared to 1Q21, reaching US$62.68 million. This was attributed to the start of the main construction projects, higher home sales, and a greater contribution from investments.
Likewise, EBITDA for the period was US$7.9 million, up 31.79% against the first quarter of 2021, following the same factors mentioned above.
At the end of March 2022, the Company's backlog closed at US$793 million, its highest level in 5 years, equivalent to 3.0 years of volume when compared to the annual target of approximately US$264 million per year. Of the total project backlog, 59% corresponds to infrastructure and the other 41% to construction.
Among the most relevant events, on March 31, the distribution of US$3.96 million from prior years to 2016 was approved.
Likewise, as a result of the sustainable commitment, Conconcreto won 1st place in the Camacol Social Responsibility Award, environmental category, a recognition that identifies, shares, and exalts successful, high-impact and value-generating experiences, led by companies in the sector, that promote good environmental, social and labour practices and with the communities.
Regarding Conconcreto's operations in the United States, at the end of 2021, the construction backlog reached US$229.8 million and projects under development accounted for US$250 million.
