PL

Budimex sees results improve

Construction
POLAND Budimex has recorded sales of PLN 7.57 bln for 2019.

The group had a profit margin of 4.4 pct and an end-of-year order book worth PLN 10.8 bln, of which it holds contracts worth PLN 3.6 bln. In 2020 group won contract worth around PLN 3 bln and is to build sections of the S61, S11, S7 and S5 roads. Construction sale increased by 1 pct last year, which is slightly lower than the growth in the sector, which Budimex claims is due to the company being selective in its bidding. The gross construction profit was higher than the industry average at 2.6 pct. Over the year Budimex Nieruchomości sold 1,534 of apartments (8 pct fewer y-o-y), but the company recorded a higher 1,655 presales. Revenues were up by 2 pct at PLN 588 and profit came in at PLN 120 mln.

“Our Construction output increased by 6 pct in 2019 with sales of PLN 108 bln. Despite the improvement in the profits in the sector in 2019, we still faced a difficult situation on the market with terminated contracts and some companies facing financial difficulties. The competition has recently become more aggressive and the cheapest bids are often less than 20-30 pct of our carefully considered cost estimates,” says Dariusz Blocher, the CEO of Budimex.

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