ACS Earns 8% More, Appoints Isidro Fine as Vice President, Creates New US Subsidiary

ACS posted a profit of €416 million in the first half of the year, up 8.1% from the same period in 2023. The company created a new subsidiary in the US and appointed Isidro as first vice president and chief property officer of Fine.

The construction company he runs Florentino Perez achieved an 8% increase in profit thanks to good operating performance across its entire business, particularly its subsidiary. Turner United States. And the registration of an Australian mining company. Yewafter acquiring 10% in April last year.

New subsidiary Flatiron-Dragados

At the same time as the results were presented, the company announced its plan to simplify its structure by creating a new entity that will bring together Dragados and Hochtief subsidiaries in the USA,

This was reported by the National Securities Market Commission (CNMV).

In this way, it will achieve “the integration of civil engineering and construction enterprises in North America with creation of the Flatiron Dragados”which will become the second largest construction company from the country.

The operation aims not only to simplify the group’s structure in the region, but also to “facilitate relations with various stakeholder groups and promote administrative and financial synergies, resulting in a better offer for its customers, a commercial approach with a risk profile and greater profitability for its shareholders.”

Fine, Vice President

The appointment of Isidro Fine, President of Criteria, own director (on behalf of Criteria) and vice presidentfirst The company’s move comes after Criteria bought 9.4% of ACS for €1 billion last May, becoming its second-largest shareholder with 9.361% of the capital. The first is Florentino Pérez himself, who owns 13.54%.

To register Fainé, the company called for resignation Antonio Botella Garciaa retired state attorney who served as an ACS advisor for more than nine years.

On the other hand, ACS sales reached 18,749 million euros, up 10.1% year-on-year. Gross operating result (EBITDA) increased by 23.8% to 1,157 million euros, thanks to the consolidation of the Australian mining company Thiess in April 2024 by increasing its holding to 60%.

Its portfolio exceeds 86 billion euros and is at an all-time high after a sharp 12.8% rise last year.

ACS’s net debt increased to €1,605 million and includes Thiess’s debt of €1,082 million. Without Thiess, the debt would have increased by €642 million from June 2023.

On the other hand, ACS acquired Irish engineering firm Dornan as a strategic move by Turner for its expansion in Europe in the high-tech sectors.

Next expansion.