Austria’s largest construction company Strabag has delivered a massive increase in profits in 2023 “in largely declining markets”.
The consolidated result rose by a third compared to the previous year 630.5 million euros and earnings before interest and taxes (EBIT) increased by a quarter 880.2 million eurosas the company announced early on Thursday.
Shareholders should benefit
The construction industry in general tended to develop weakly last year. “By covering the entire construction value chain and broad geographical presence, Strabag can still look back on a strong performance in 2023,” explained the CEO Klemens Haselsteiner.
The profit distribution to shareholders should be compared to the previous year from 2 euros to 2.20 euros per share certificate be raised. In 2022, consolidated profit fell by 19 percent to 472.5 million euros.
Management’s outlook for the current 2024 financial year is cautious: construction output is expected to grow only slightly from 19.1 to 19.4 billion euros. In 2023 it climbed by 8 percent. Furthermore, an EBIT margin of 4 percent or more is targeted, up from 5 percent most recently.