Forbes Mexico.
COX increases 62% profits in 2024; Ebitda, 77% and exceeds their expectations
Cox, a company specialized in energy infrastructure and water treatment, exceeded all forecasts and increased its net profit by 62% in 2024 compared to the previous year, reaching 59 million euros, as the company informed the National Securities Market Commission (CNMV) on Monday.
In addition, the company’s Ebitda experienced a notable 77% increase in the same period, reaching 183 million euros.
Thus, 2024 is emerging as an exceptional year for COX. The company managed to obtain 268 million euros in cash and equivalents, an Ebitda margin of 26%, a net financial debt of 62 million euros and a adjusted cash flow of 83 million euros.
“The tight financial debt ratio on the adjusted EBITDA was 0.3x,” he said.
The company said that in 2024 it was structured in two divisions: the Service Company, in charge of engineering, operation and maintenance; and the Asset Company (Assetco), which concentrates the operational assets and is the basis of the Apollo Investment Plan.
Cox considered that Assetco is “synonymous with recurrence and stability”, since its income grew 33%, reaching 232 million euros, its Ebitda increased by 28%, to 134 million euros, and revenues from water operational concessions increased by 52%, reaching 76 million euros.
Assetco assets “are strategic and essential infrastructure for sustainable development.”
“Our plan focuses on the growth of the water sector and, selectively, in the field of energy, always in high growth regions, with the aim of continuing to lead the creation of a clean, efficient and competitive energy model that generates value for all,” Cox explained.
Lee also: COX accelerates its IPO with support from strategic investors on a third of the offer
Currently, the company has three operational water concessions, two concessions of transmission lines (recently awarded in 2024) and six operational concessions in the energy sector, which guarantees its future growth.
With the Apollo Plan, Cox plans to strengthen this division from 2025: “Within our strategic plan, an investment of about 3,000 million euros in Capex is expected to 2028”.
“At this time, COX is the preselected bidder or is in final phases to obtain more than 500,000 cubic meters of water that will be tendered in 2025, in addition to having opportunities for more than 1.3 GW in energy projects linked to water projects,” said the company directed by Enrique Riquelme.
The company also anticipates a positive evolution in this area in 2025: “At the end of the year, a backlog of 2,230 million euros is expected, which ensures the future growth of the company and provides a solid base for 2025. Of those 2,230 million, more than 2,000 million were generated in 2024”.
The backlog, which refers to the accumulated pending work, guarantees the growth of the group in the coming months. Therefore, the company provides for revenues greater than 1.2 billion euros in 2025 and an Ebitda above 230 million euros at the end of the year.
As for the net profit, the company estimates that it will exceed 80 million euros, with a ratio of net financial debt/Ebitda less than 1x.
The prospects for 2026 are even more optimistic: “The backlog is expected to exceed 3,000 million euros, and from the ASSETCO an investment of more than 600 million euros in CAPEX for water and energy assets that generate recurrent Ebitda” is expected.
Do you like to inform yourself for Google News? Follow our showcase to have the best stories
COX increases 62% profits in 2024; Ebitda, 77% and exceeds their expectations
Forbes Staff
