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Contruction companies sales achieve their highest rise since 2012

Main News

Friday 12 de June del 2020

The income of the seven major companies in the sector that are required to report the CMF, as a whole, grew 14 %. The first half of the year was positive for the construction sector. At least this is reflected in the balance sheets reported by the leading firms in this industry. According to these figures, the aggregate sales of the seven companies of the construction sector that deliver their outcomes to the Financial Market Commission (CMF), Salfacorp, Socovesa, Paz, Besalco, Ingevec, Moller and Perez-Cotapos and Echeverria Izquierdo, came to US$1,651 million in the first six months of the year, 14 % more than when compared to the same period of 2018. This is the highest revenue increase since 2012 for the first half and the highest amount since 2011. These results are given in a context in which construction activity, according to the Imacon of the Chilean Construction Chamber (CChC), grew 1.43 % annually in June 2019, maintaining the pace of progress of the previous months. Housing sales in Greater Santiago, meanwhile, increased 14 %, according to figures from the construction industry. Along these lines, the group of companies registered profits of the order of US$72 million in the first half, 39 % higher than the one recorded in the same period of the previous year. In terms of amount, it is the highest figure reached in eight years, and it is the highest increase since 2015. Within the group, only Echeverria Izquierdo decreased its income (by 13 %). Paz Corp was the company that registered the largest increase in sales in the first half, by 34 %. It is followed by Salfacorp with a 32 % increase. In terms of earnings, Besalco is in the first place with a 99 % increase, followed by Echeverria Izquierdo, up 88 %. Socovesa was the only firm that decreased its profits, which fell 42 %. The portfolio of works contracts to be executed by companies for the coming years, an indicator known as backlog, showed different results. Salfacorp, the largest construction company in the country, reported a total backlog for $849,518 million, 10 % lower than in December 2018. Besalco reported a backlog of US $1,270 million, 16 % higher than in December 2018. The engineering and construction backlog of Echeverria Izquierdo, meanwhile, reached a record high for the company of US$750 million, while that of Ingevec increased by 18.5 % compared to December 2018, reaching the sum of $374,808 million.

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