Visabeira profits rise 22% to €46.3 million in 2022

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Visabeira profits rise 22% to €46.3 million in 2022

8:37 CAT | 12 May 2023

Image: Visabeira

The Visabeira group’s profit increased by 22% from 2021 to 2022, to €46.3 million, with turnover growing by 24% to the “historic milestone” of €1,452 million, the company announced this Friday.

“The year 2022 was marked by a sharp increase in the costs of energy, fuel and raw materials, an inevitable consequence in view of the rise in inflation, caused by the conflict between Russia and Ukraine. Despite these constraints, the Visabeira group demonstrated management and innovation capacity which allowed finding solutions to mitigate the negative impact of the social and economic environment affecting global society,” the company says in a statement.

In the period under review, EBITDA (earnings before interest, taxes, depreciation and amortization) of the Viseu-based group increased by 14% to €210 million, and sales reached “the historic milestone” of €1,452 million euros, €281 million than in 2021, with “65% of this increase being obtained organically”.

“Organic growth was the main pillar of the remarkable performance of the group’s activity, namely in the telecommunications and energy network engineering business area,” the statement reads.

Last year, the market outside Portugal accounted for 79% of Visabeira’s turnover – 62% Europe, 21% Portugal, 6% America, Asia and Oceania and 11% Africa – with €4,400 million of portfolio business volume turnover already “guaranteed”, with “a relevant proportion in Europe, namely in the group’s core business area”.

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Outside Portugal, the Visabeira group maintains “as its main strategy the growth of its core activities — provision of telecommunications and energy network engineering services — for the main operators”.

“The European market, excluding Portugal, represents an increasingly relevant dimension for the group,” the company says, detailing that, at the end of 2022, its turnover reached €903 million, a growth of 31% compared to 2021, the main markets being France, United Kingdom, Belgium, Germany, Denmark, Italy, Spain and Sweden.

Also highlighted is Africa’s “relevant performance”, contributing around €155 million to turnover, 52% more compared to 2021, while the US, Asia and Oceania earned €85 million.

By business area, Visabeira Global, a holding company that integrates businesses in the energy, technology and construction telecommunications area, recorded a turnover of €1,210 million, remaining the segment with the greatest weight in the group, accounting for 83% of turnover, and having grown 23% compared to the previous year.

According to the company, “these results show an excellent operational performance in the telecommunications and energy network engineering services activities both nationally and internationally, as well as in the cable television operations in Angola and Mozambique, and in operations in Morocco and São Tomé and Príncipe, through Companhia Santomense de Telecomunicações”.

Visabeira Indústria had revenues of €189 million, a year-on-year increase of 23%, contributing 13% to consolidated turnover, with a highlight to the “excellent results” of Vista Alegre, which reached “an all-time high of sales” of €143 million and an EBITDA of €27.5 million.

Visabeira Turismo, Imobiliária e Serviços, “in the process of post-pandemic recovery”, earned €53 million, representing about 4% of the group’s total activity volume.

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In 2022, the Visabeira group says it has reduced consolidated net debt by more than €100 million compared to 2021, which represents a reduction in the net debt-to-EBITDA ratio to 2.8.

Source: Lusa