The Elecnor Group earns EUR 705.2 million and proposes a final dividend of 265
Positive business evolution and the sale of Enerfín mean that the Group has closed the year with a cash balance of EUR 187.5 million
The Elecnor Group has ended the year 2024 with a net profit of EUR 705.2 million (compared to 110.1 million the previous year). This result has been achieved thanks to the good performance of the businesses that form the Group and the major operation involving the sale of the Enerfín subgroup, in which it has been building value for 26 years. In turn, the Group’s sales in 2024 stand at EUR 3,810.1 million, compared to 3,792.9 in the previous year.
This situation has enabled the Group to close the year with a cash balance of EUR 187.5 million, compared to the EUR 222.6 million in debt from the previous year, and to considerably improve the payout to its shareholders. Thus, the proposal to distribute the 2024 results will be submitted to the General Shareholders’ Meeting for approval. This proposal includes a final dividend payout of EUR 265 million. This amount is in addition to the interim dividend of EUR 540 million that was paid on 18 December 2024. Overall, the total distribution of dividends against the 2024 results amounts to EUR 805 million.
Results by business line
The turnover for Elecnor Servicios y Proyectos stood at EUR 3,824.5 million at the end of 2024 (EUR 3,886.6 million the previous year) and EBITDA reached EUR 202.6 million (EUR 199.4 million the previous year). In turn, pre-tax profit grew to EUR 122.4 million (EUR 101.0 million the previous year). The positive evolution of both essential services and sustainable projects have influenced the improvement in profitability.
In the domestic market, which has accumulated sales of EUR 1,676.3 million, the pattern of growth in activity has continued through the essential services performed for the sectors of electricity, telecommunications, water, power transmission and distribution, fields where the company works for all the utilities. As regards the international market, which has attained EUR 2,148.3 million, the execution of sustainable projects by this business has continued in Australia, Brazil and Chile (particularly in renewable energy and electric power transmission lines). Likewise, the growth of the Group’s earnings has been boosted by the construction of substations and power transmission lines in Germany, Honduras, Angola, Senegal and Zambia; solar photovoltaic power plants in the Dominican Republic and railway electrification in Lithuania, among many others. These results include the noteworthy activity of essential services conducted by the US subsidiaries (Hawkeye, Belco and Energy Services), as well as the distribution and telecommunications contracts that Elecnor is executing in Italy.
The production portfolio of projects due to be executed in the next 12 months has grown by 5.1%, amounting to EUR 2,708.7 million (compared to EUR 2,577.7 million at the end of 2023). The international market accounts for 71% of this portfolio figure, with a total of EUR 1,913.4 million and 29% comes from the domestic market, with a total of EUR 795.4 million.
In turn, Celeo, a company that is 51% owned by the Elecnor Group and jointly managed with APG, has stakes in around 8,000 km of electricity transmission lines in Chile, Brazil and Peru, both in use and under construction, as well as 345 MW of renewable energy (photovoltaic and thermosolar) in Spain and Brazil. The combination of assets in operation that the company manages is over EUR 6,000 million.
It is important to note the good performance of the company’s projects and its ability to generate cash, visible in the improvement of the aggregated EBITDA of the concessionary transmission projects in which it is involved in Brazil, Chile and Peru, amounting to 338 million, once this figure has been converted into euros. Furthermore, during 2024 in Chile, as part of the expansion works tendered by the Coordinador Eléctrico Nacional, Celeo was awarded the project of cable-laying for the second circuit of the Ancoa-Charrúa (CHATE) 2 x 500 kV line, with an investment of USD 106 million and a completion time of 60 months. It also won new contract awards in Brazil for reinforcements under the LTC and CATE concessions, with investments of BRL 14.5 and 1.2 million respectively.