MADRID, Feb 29 (Reuters) - Spain's Sacyr on Thursday reported a net profit of 153 million euros ($165.7 million) for 2023, up 39% from the previous year, as the profit from the sale of its cleaning services business Valoriza offset falling revenues.
Sacyr booked revenues worth 4.6 billion euros in 2023, 21% lower than the 5.85 billion euros a year earlier.
Analysts polled by LSEG had estimated a 61% increase in profit and a 19% decline in sales.
In 2023, Sacyr pocketed 420 million euros from its divestment of Valoriza Servicios Medioambientales, which offers cleaning services to other companies, to funds managed by Morgan Stanley Infrastructure Partners.
Sacyr continues to focus on its road concession business, benefiting from higher returns on assets that are linked to inflation, while investing in construction projects that analysts consider carry lower risk and are more profitable.
Operations outside Spain account for 76% of the company's revenues.
The company said the sale of Valoriza, among other disposals, helped to reduce its net debt 51%, which in 2023 closed at 269 million euros.
($1 = 0.9234 euros) (Reporting by Corina Pons; editing by Charlie Devereux and David Latona)
