CIE Automotive Increases Its Profit By 14% Until September
CIE Automotive continues on its particular growth path. If in the first half of the year the Basque automotive components multinational achieved a historic result , in the first nine months of the year it has achieved profits of 235.5 million euros, which represents an increase of 14.3% in the rate YoY
In the third quarter of the year, the company has achieved a net profit of 75.2 million euros, 29.8% more in the interannual rate.
In addition, the gross operating result ( ebitda ) in the first nine months of the year has increased by 14% year-on-year, to 495.3 million euros, which represents 16.3% of sales, 1, 4 points less than in the same period of the previous year.
Between July and September, the gross operating result ( ebitda ) of CIE Automotive registered an increase in the interannual rate of 30.5%, to 171.5 million euros.
The turnover of the Basque multinational between January and September stood at 3,032.6 million euros, 23.4% higher than the same period in 2021. In the third quarter of the year, the turnover increased by 36, 3% in the interannual rate, up to 1,056.1 million euros. This means achieving for the second consecutive quarter sales that exceed 1,000 million euros.
On the other hand, the company’s net financial debt in the first three quarters of the year was reduced by 124.3 million euros compared to the same period of the previous year, reaching 1,393.8 million euros. If compared to the debt that the company had at the end of the 2021 financial year, this has been cut by 1.1 million euros, since at that time it had a debt of 1,394.9 million euros.
As explained by the CEO of CIE Automotive, Jesús María Herrera, “we want to highlight how our operating margins demonstrate the company’s resilience in a complex macroeconomic and sectoral environment that requires us to offset with operational excellence the strong negative impacts of variables such as inflation and the very high energy costs”.
And it is that the Basque multinational was the automotive components company that achieved the best EBITDA margin in the first half of the year, even ahead of giants such as LKQ and Valeo, as reported by elEconomista.es .
Likewise, Herrera has recognized that the focus of CIE Automotive “has always been and will be the generation of cash, a generation that is currently allowing us to increase the value of the company by reducing indebtedness, while at the same time we invest in maximizing remuneration to the shareholder, with dividends, capital reductions and acquisition of minority interests”.
Thus, in the first nine months of the year, CIE Automotive has achieved 312.1 million euros, which represents 65.5% of operating cash flow.
