Erbud: a successful start to the year
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In Q1 2019, Erbud recorded an increase in profit and revenue compared to Q1 2018. The company counts on consolidated EBIT profitability of ca. 1.5-2% this year.
PLN 1.82m profit in Q1
Erbud recorded in Q1 2019 consolidated net profit of PLN 1.82m, compared to PLN 4.46m profit a year earlier. This means a 59% y-o-y drop in profit. The operating profit was PLN 5.78m (up by 17% y-o-y) and EBITDA reached PLN 10.17m (up by 32% y-o-y). The company counts on consolidated EBIT profitability of ca. 1.5-2% this year.
Increase in revenue by nearly 40% y-o-y
Consolidated sales revenues in Q1 2019 were at the level of PLN 600.97m, compared to PLN 432.36m a year earlier (increase by 39% y-o-y). The group’s revenues from the construction of buildings in Poland reached PLN 453.8m (an increase by 60% y-o-y), while abroad remained at a level similar to that of the first quarter of 2018 and amounted to PLN 38.6m. The energy and service segment, in total in Poland and abroad, generated revenues amounting to PLN 74.6m (increase by 28% y-o-y).
Solid order backlog
At the end of Q1 2019, the company’s order book includes contracts worth PLN 2.17bn in total, of which PLN 1.38bn is due this year and PLN 796m in 2020-2021. In Q2 2019, Erbud signed several new contracts worth PLN 263m until May 14th.
The share of public orders in the Erbud Group’s portfolio amounts to 42%. The largest contract currently being executed by the company, signed with a public investor, is the agreement between PBDI and the General Directorate for National Roads and Motorways (GDDKiA) for the construction of the S3 expressway between Kamienna Góra Północna and the state border. The contract for this investment amounts to PLN 715.2 million. Half of this amount belongs to a company from the Erbud Group and the other half to its consortium partner, i.e. Mosty Łódź.