Dragados, a company of the Spanish ACS group, has sold its shares in the Argentine Dycasa, a construction company that It has been operating in the country for 50 years and that at the time he had had concessions, such as line 2, and had decided leave the country.
This was learned in a communication to the stock exchange Dragados sold 66% of the capital and 88.8% of the votes it had to Dycasa Inversora Mercedes, a recently established company made up of Juan Ignacio Abuchdid, founder of GrupoIEB (Investing in the Stock Market), specialized in finance; Martin Pablo Gandaraowner of the clothing brand Atomik, e Ezequiel Martin Fernandezdirector of Natal Inversions, with particular focus on real estate and agricultural projects and shareholder, with 14.12%, from Autopistas del Sol, which has the current concession for road 2.
The new owners of Dycasa They will pay $2 millionso it is very likely that they are buying a publicly traded company to use as a platform for other projects, as Pampa Energía did at the time.
So much so that IEB specified that “the company will assume responsibility for the listing on the stock exchange, which doubles the challenges of excellence and quality”.
THE three partners The acquired shares will be distributed as follows: Abuchdid will have 45.25%; Fernández, 30% and Gándara, 24.75% of the parent company which, in turn, owns 66% of Dycasa. The remaining 34% is listed on the stock exchange The stock rose 27.7% this Thursday, to $779.
Without public works, interrupted with the hiring of Javier Milei, the company had oriented its projects towards private works in miningIn industrial investmentsand in public works with funding from international organizations or with private funding, “in order to maintain the volume of our main construction activity“, he wrote in his last budget.
Dycasa, which will be renamed IEB Construcciones, had 277 employees at the end of 2023. But the operation, as reported, foresees “the transition of 80 employees.”
“The acquisition represents a leap in the development of the IEB Group, which will now be renamed IEBC and, with this action, aims to position itself in a sector with high potential and strategic value such as construction, in particular in large infrastructure works”, they said. added.
Dycasa ended 2023 with a work in the portfolio of 24,784 million dollars, which includes viaducts, road works and hydraulic and sanitary works. The problem is that 91% of the works carried out last year were the responsibility of the State and the City of Buenos Aires. and only 9% to the private sector.
A company in the red
Dycasa had sales of $21,507 million at the end of 2023A 41% drop. compared to the previous year, adjusted for inflation. However, it had a negative gross margin of $1,927 million, due to job repricing that failed to recognize the true impact of inflation.
THE losses before income taxes were $9,008 millionmore than in 2022, due to the negative effect that the year’s inflation had on work margins, as well as the greater financial burden resulting from delays in approvals and collections of redetermination certificates, and very high interest rates . Net of income taxes, the result for the year is equal a loss of $7,637 million compared to the previous year’s loss of $5,554.
Source: Clarin
