German construction company Hochtief has announced an increase in profit, sales, order book and net cash from operating activities in the first half of 2019, compared with the same period in 2018.
The group’s operational net profit increased by €58m to €296m, a leap of 25%. This result includes a €52m boost from Hochtief’s acquisition of a 20% share of Abertis Infraestructuras, a Spanish company that specialises in toll roads.
Its revenue increased to €12bn, a rise of 4%, and it booked orders worth €14.6bn in the first half of the year.
Marcelino Fernández Verdes, Hochtief’s chief executive, said: "We have increased sales by over €800m in the first six months of 2019.
"The greater proportion of our activities coming from our construction management, services and concessions including Abertis is driving an improved risk profile and enhancing the visibility of our profits and cash flow."
The firm was particularly busy in mining and tunnelling work, with net operating capital expenditure going from €71m to €234m.
Hochtief, the largest contractor in Germany, is controlled by Spain’s ACS. Â
Image: A Hochtief company building in Ostrava, Czech Republic (Milan Surkala/Dreamstime)