CIE Automotive exceeds 3,000 million euros in turnover in the first nine months of the year; Its profit grows 14.3%, reaching 235 million
October 20, 2022 at 10:32 am EDT
Share
Bilbao- CIE Automotive continues its story of profitable growth despite a very complicated environment and invoices 3,032 million euros in the first nine months of the year, with a net profit of 235 million, 14.3% more than in the same period as the previous year.
In addition, its EBITDA - gross operating result - has been 495 million, 14.1% more, and its EBIT - net operating result - has reached 350.6 million.
According to Jesus Maria Herrera, CEO of CIE Automotive, '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 he adds: 'Our focus 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 debt, while we invest in maximizing shareholder remuneration, with dividends, reductions of capital and acquisition of minorities'.
The good results of recent quarters and the favorable outlook for the coming quarters are allowing the company to maintain its organic growth and profitability commitments for 2025.
CIE Automotive SA is a Spain-based company engaged, through its subsidiaries, in the production of biofuels, as well as in the supply of components and subassemblies for the automotive industry. The Company is also involved in the Information Technology (IT) sector, with the provision of technological solutions for the healthcare, education, sustainability, transport and communications sectors. The Company is a parent of Grupo CIE Automotive, a group which comprises a number of controlled entities with operations established in Spain, Portugal, France, Lithuania, Morocco, Czech Republic, Romania, Brazil, Argentina, China, Russia, Guatemala and Mexico, among others. The Company has such subsidiaries as Global Dominion Access SA, CIE Inversiones e Inmuebles Sociedad Limitada and CIE Berriz Sociedad Limitada, among others. In February 2014, the Company acquired a 50% stake in RS Automotive NV owned by VEP Fund I Holding Cooperatief WA.