Abengoa Jan-Sep 2013 net profit expands 13% Y/Y

Nov 12, 2013 - Spanish diversified holding Abengoa (MCE:ABG) booked a net profit of EUR 73 million (USD 97.7m) in the first nine months of 2013, up 13% year-on-year.

Revenues grew by 17% to EUR 5.233 billion, while earnings before interest, tax, depreciation and amortisation (EBITDA) came in at EUR 860 million, up 29%, Abengoa said in a statement yesterday.

The company attributed the positive results to the solid execution of engineering division order book, continuing improvements in margins in bioenergy and outstanding execution in commissioning assets under construction, CEO Manuel Sanchez Ortega said.

Abengoa's geographical diversification is also considered to be one of the key factors behind the growth, with USA leading the geographical contribution with 30%, followed by Latin America with 28%.

The revenues of the company for 2013 are seen at between EUR 7.25 billion and EUR 7.35 billion, up 16% on the year, with EBITDA rising by 27% to between EUR 1.18 billion and EUR 1.23 billion.

In the third quarter of 2013, Abengoa completed successfully a EUR 517.5 million capital increase, structured in the form of class B shares and American depository receipts (ADRs), which were offered publicly in the United States and subsequently listed in the NASDAQ Global Select Market.

(EUR 1.0 = USD 1.339)

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