Ferrovial targets US as first-half profit more than doubles

Image: Reuters

Infrastructure giant Ferrovial’s net profit more than doubled in the first half of 2023 to €114 million (US$125 million).

The builder of highways, airports, metro lines and the largest shareholder in London Heathrow Airport said its total revenue rose 12.2% to €3.9 billion, including €3.3 billion from the construction business, which includes roads.

Revenue from highways rose 38% to €492 million, mainly on the back of its toll road concessions in the United States and Canada. Managed lanes in Texas also accounted for most of the €342 million in dividends the company received from its assets in the period.

During the period Ferrovial moved its holding company to the Netherlands as part of efforts to become listed in the United States, one of its key markets.

More than two-thirds of Ferrovial’s income comes from outside Spain.

The group is focusing its investments on North America in the short term, as the potential access to US government funding for energy transition and other subsidies under the Biden administration’s Inflation Reduction Act influenced the decision to move the holding company and seek to be listed in the US during the year.