French-based industrial group Bouygues improved its performance in the first nine months of the year.
The group’s results for January to September 2021 show figures have returned to pre-pandemic levels with a marked improvement relative to the same period in 2020.
Bouygues Group includes a diversified collection of brands covering sectors such as Colas (construction), TF1 (media) and Alstom (transportation) as well as Bouygues Telecom.
The group revealed today that nine-month sales were €27.5bn ($31.3bn), representing a return to pre-crisis levels and an increase of 10% relative to the same period in 2020.
Its current operating profit was €1.14bn, up by €23m compared to the first nine months of 2019. This was propelled by improved profitability at TF1 and Colas as well as higher volumes at Bouygues Telecom.
Its nine-month current operating margin was 4.1%, matching those last seen in 2019.
Net profit was €807m compared to €848m for the same period in 2019, but 185% up on the €283m reported for 2020.
The group insisted it had a very robust financial structure with a record level of available cash for the end of September – €12bn compared to €10.1bn at the same point in 2020.
Net debt after nine months stood at €2.6bn, an all-time low for the period and €1bn year-on-year improvement.
Bouygues estimates sales and current operating profit for the full year should be very close to the levels seen in 2019, while the current operating margin should return to its pre-crisis level.
For 2022, the group’s current operating profit is expected to continue to grow and exceed 2019 levels.
Back in June 2020, the Bouygues stock price slumped to as low as €25 but has since recovered to today’s opening price of €33.
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