23 April, 202417 May, 2024

GS Inima increases Net Profit by 35% in 2023 and its turnover reaches 349 million euros, representing a growth of 17%

Corporate Member News
GS Inima increases Net Profit by 35% in 2023 and its turnover reaches 349 million euros, representing a growth of 17%
  • The Group closed the 2023 fiscal year with an EBITDA of 101 million euros, an increase of 19% compared to 2022.
  • The Profit before taxes exceeded 57 million euros in 2023, representing a growth rate of 22% over 2022.
  • The Portfolio at the end of 2023 reached 8.873 million euros, representing a 9% growth compared to the previous year.
  • The Group also achieved the main objectives set for the 2023 in terms of environment, social responsibility, and good governance.

The Group GS Inima, a global leader in the water sector, closed the 2023 fiscal year with the fulfillment of all the expectations set for the year, despite the constant increase in prices, interest rates and the continued uncertainty in the markets. At the end of 2023, the Group has achieved a solid improvement in its operating and financial results, expanding its EBITDA margins and cash flow generation, all in line with the strategic objectives and 2030 vision.

The Group’s Net Turnover reached to 349 million euros compared to 299 million euros reported for the same period of the previous fiscal year. 93% of these revenues are associated with GS Inima’s long-term contracts in concession businesses.

In addition, Net Profit amounted to 24 million euros, 35% above the previous year.

The Backlog amounted to 8.873 millon euros, representing growth of 9%. This fact only consolidates solid and recurring cash flows that were already shown in previous fiscal years and reflects, along with organic growth, the consolidation of its business’s expansion carried out in 2022 and 2023, mainly in Vietnam, Korea and the UAE.

The Share Capital reached to 293 million euros and the Equity to 541 million euros, registering a growth in December 2023 of 9% compared to the previous year’s closure and representing 45% of the Group’s consolidated assets.

The Group’s Cash Growth Rate was 9% compared to 2022, demostrates once again how remarkable solid are its liquidity and solvency levels.

The growth rate of the Groups Working Capital reached 131 million euros, 17% higher than the one obtained in 2022, being supported in the fiscal year with the operating flows acquired from the development of its activities.

All of the above represents another consecutive year of solid growth for the Group, which ended 2023 with a successful achievement of the objectives set at the beginning of the year.

“We have fulfilled all our commitments in 2023, a year marked by the solid growth of our operating and financial results. This performance has been achieved in all our operations and geographical areas, proof of the relevance and consistency of our decisions, of a consistent financial strategy and, linked to sustainability, of our ability to seize the best growth opportunities, as well as our ability to compete in the market.” Marta Verde, CEO, GS Inima.

Operational Milestones and Contracting

In 2023, GS Inima continued the path of growth not only by expanding its presence in other markets but also improving its results and operational efficiency in line with its strong commitment to sustainability.

  • Award and signing of the concession contract, as well as Financial Closure of the Shuweihat 4 Desalination Plant in Abu Dhabi.
    In August, GS Inima signed the WPA (Water Purchase Agreement) for the 30-year reverse osmosis seawater desalination plant of 70 million imperial gallons per day of drinking water, equivalent to 318,225 cubic meters per day. Shuweihat 4 is the largest desalination project awarded to GS Inima and the company’s first in the United Arab Emirates.
  • Award of the Water Management Concession of Santa Cruz das Palmeiras in Brazil for a period of 35 years.
    GS Inima Brazil was awarded the concession to provide water and sewage treatment service to the city of Santa Cruz das Palmeira with a population of approximately 34.000 inhabitants.
  • GS Inima signed the purchase contract for its first energy generation asset, Boco Solar in Chile.
    Last December, the SPA (Shares Purchase Agreement) of the first renewable energy project in the city of Quillota, Valparaiso region, Chile, was signed.
  • In the last quarter of the year, GS Inima successfully completed the construction and commissioning of the Fès-Meknès Water Treatment Plant and the Ain M’lila Wastewater Treatment Plant.
    The DWTP serves 2.278.000 inhabitants in Morocco and the WWTP benefits 163.000 the equivalent inhabitants in Algeria.

2024 Forecast

The outlook for 2024 are for increasing macroeconomic recovery and maintenance for the Group. Its strategy considers, in the short and medium term, the expansion into new businesses such as renewables, already initiated in 2023, as well as steady growth both nationally and internationally developed in recent years due to its participation in new tenders and acquisition of new companies.

At the same time, strengthen its presence in markets such as Brazil, Chile and Mexico, as well as the implementation of new projects in Africa, other Latin American countries, the Middle East, and Asia and the entry into new markets. All of these, consolidating sustainable revenue growth and improving the strong performance obtained in 2023.