PRIM improves its net profit for the first nine months of the year by 90% with an increase in sales of more than 13%

The Prim Group has accelerated its growth of sales, EBITDA and both operating and net profit during the first nine months of the year. This means the Company has surpassed figures recorded in September 2019, prior to the pandemic.

The net turnover for the first nine months of the year amounted to nearly €119 million, 13.4% above the figures recorded for the same period of the previous year and more than 9% above those recorded in September 2019.

EBITDA also reached €16.7 million, 40.7% more than during the same period of the previous year and 26.2% higher than that for the same period in 2019.

In terms of profits, operating profit increased by 56% in comparison to the first nine months of 2020 and by 23.5% in comparison to the first nine months of 2019, reaching almost €12 million (€11.95 million). Profit before tax almost doubled from €8.7 million in the previous financial year to €16.4 million (88.3%) and net profit amounted to €11.94 million (89.9% more than in 2020).

As was projected by the company in its First Half Year Report, the growth acceleration has really been seen as of the second quarter, since the first three months of the year were impacted by the third wave of COVID-19 and the effects of storm Filomena in central Spain.

Responsible payment collections and the correct management of investments have resulted in a 21.4% increase of the net financial position to €26.38 million compared to the same period for the previous year (€22.65 million) and 60.3% compared to 2019 (€15.09 million).

Market sentiment

In compliance with the Strategic Plan approved by the Board of Directors for the period 2021/2025, the Group has carried out a series of corporate operations to expand its horizons and improve its presence in the Spanish and Portuguese markets. In this third quarter, the integration of the new units is being successfully implemented based on Prim’s values and business objectives.

Along with financial solidity, the commitment to growth and the profitability acquired from the Strategic Plan have generated confidence from the markets. This meant that at the end of September, the Company’s share price had risen by almost 50%, reaching a price of €14.50 per share compared to €9.70 at the beginning of the year.

This revaluation is in addition to the treasury share buyback programme approved at the beginning of the year, of which at the end of September 76% had been executed, at an average price of €12.44 per share.

Throughout this financial year, the Prim Group has made progress in the implementation of its Environmental and Governance projects as well as with its Social Responsibility (ESG) programmes. In the third quarter alone, the company has implemented measures to save on resources such as paper and consumables and has entered into agreements for the reforestation of 700 trees in Madrid and Galicia. Additionally, in keeping with its commitments to individuals, Prim has improved its equality policies and the monitoring of variables as part of the Family-Responsible Company seal it was awarded. Finally, in order to continue improving its responsible management certification, the company has allocated over 500 hours of ethical culture training for senior and middle management.

This post is also available in: Spanish