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Wed August 21 2019

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Salini grows orders and revenue

31 Jul Salini Impregilo’s first-half results show revenue up 3.7% compared to last year and new orders at a record level.

Major contract wins include work on the Naples-Bari High-Capacity Railway
Major contract wins include work on the Naples-Bari High-Capacity Railway

It has reported new orders acquired and to be finalised of €6.1bn (£5.6bn) in the first seven months of this year. The construction backlog of €28.9bn is up 9.2% on the same time in 2018.

Adjusted revenues amounted to to €2,709.9m, up 3.7% compared to the first half of 2018. The main contributions to the adjusted revenues for the period come from some major projects including those of Lane Group’s, the Milan-Genoa high-speed railway line, and works in Ethiopia, Kuwait and Saudi Arabia.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were equal to €238.6m, an increase of 10.5% compared to the first half of 2018 (€215.9m).

At 30 June 2019, the total order backlog amounted to €35.7bn, of which €28.9bn is related to construction, up 9.2% compared to June 2018. The total of new orders acquired and to be finalised since the beginning of the year amounts to about €6.1bn, of which €0.5bn relates to projects to be finalised. More than 70% of the new orders were acquired in Australia, the United States and Europe.

The main projects awarded this year include the AU$5.1bn Snowy 2.0 Hydropower in Australia in which Salini Impregilo is leader of the Future Generation joint venture with a combined 65% stake. For a €608m contract on the Naples-Bari High-Capacity Railway in Italy, Salini Impregilo leads with a 60% stake in a consortium that includes Astaldi. Other major schemes include a €530m contract on Turkey’s high-speed railway and US subsidiary Lane Construction’s US$524m Caloosahatchee Reservoir contract in Florida.

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