BarcelonaInflation, the rise in interest rates and the economic consequences of the war in Ukraine have had an impact on large Catalan companies, despite the fact that it is growing. While some are improving their results, for example the energy company Naturgy, others are already suffering the impact of the drop in consumption, uncertainty and rising rates, such as the swimming pool giant Fluidra.
En conjunt, entre el gener i el setembre, les set companyies catalanes que formen part del selectiu de la borsa espanyola, l’Íbex-35, van millorar un 45% la seva facturació en comparació amb el mateix període de l’any anterior, but its profits experienced a decline of almost 27%.
Invoicing of Catalan companies in the Íbex-35
From January to September, in millions of euros
Benefits of Catalan companies in the Íbex-35
From January to September, in millions of euros
Sabadell, in a sweet moment
The bank doubles profits driven by commercial activity
Banco Sabadell is experiencing a sweet moment. The boost in commercial activity and the good results of the British subsidiary have allowed the bank chaired by Josep Oliu to almost double its profit: 709 million from January to September, when the same period last year was 370 million.
“We are closing the third quarter with intense commercial activity and meeting all our objectives”, emphasized the CEO, César González-Bueno, during the presentation of results.
CaixaBank elevates business
The profit falls due to the impact of the purchase of Bankia last year
CaixaBank’s results from January to September are marked by the impact of the absorption of Bankia. Thus, in the first nine months of this year, the entity obtained a net profit of 2,457 million euros, 48.8% less than the same period last year, when it was 4,801 million euros. But these results hide the capital gains that the entity recorded last year due to the absorption of Bankia. Without this effect, CaixaBank’s result improves by over 21%.
The entity shows an improvement in business, as its turnover increased by 12.1%, up to 8,670 million euros.
Growth at Cellnex
The company improves business, but with more losses
The telecommunications infrastructure manager Cellnex, headed by Tobías Martínez, continues with its strong investment pace. The growth of the business is not surprising, with revenues of 2,572 million euros from January to September, 46% more.
But fixed on growth and securing future income, the red numbers of the results grow. Between January and September, Cellnex lost 255 million euros.
Colonial takes off
Real estate doubles results with record hiring
Colonial obtained a net profit of 398 million euros in the first nine months of the year, which represents an increase of 116% compared to the same period last year, thanks to the increase in commercial activity, which has reached record levels of recruitment. The hiring volume exceeded the 136,000 square meters signed, 16% more than a year ago, through 80 new office rental contracts. The company received 262 million euros for the rents of the entire portfolio, 12% more.
braking to Fluidra
A bigger correction than the company expected
Fluidra recorded sales of 1,967 million euros until September, 15% more compared to the same period in 2021, which it attributes to the increase in prices, acquisitions and the exchange rate, which “largely offset the volume slowdown”. But the profit fell by 19%, to 170 million. According to the multinational, “a larger than expected correction of in-channel inventories in North America and Europe pressured volumes, the slowdown of which impacted the inventory position and the generation of the flow of box”.
Grifols, the weight of Biotest
More income, but less profit due to the financial cost
The Catalan multinational hemoderivats Grifols closed the third quarter of this year with a net profit of 188 million euros, which represents a 30% drop compared to the same period in 2021, while its income grew 18.8%, up to 4,351 million euros. The company attributed the decrease in profit to “the increase in financial expenses related to the acquisition of Biotest”, its German rival.
Naturgy shoots up
Energy improves sales and profits with the rise in gas prices
Naturgy closed the first nine months of the year with profits of 1,061 million euros, which represents an increase of 36.6% compared to the same period of the previous year. Naturgy’s results up to September incorporate the retroactive effects of the new Algerian gas purchase price agreement reached with Sonatrach last October, which retroactively affects volumes supplied this year.
The amount of the group’s turnover, the main gas company in the country, soared by 85.5% between January and September, up to 27,011 million euros, compared to 14,558 million in the same period of 2021.