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Prosegur increases its consolidated net profit by 32% to 17 million euros
Prosegur reports a 32% profit increase, reaching €17 million, showcasing strong growth and commitment to security innovation in 2024.
Madrid (April 29, 2024):
- Prosegur recorded revenues of 1,126 million euros, 5.2% more than in the same period of the previous year, with organic growth of 45.3%
- The group starts the year strongly and increases its consolidated net profit to 17 million euros in the first three months of the year, up 32%
- Cash maintains its growth in Transformation Products, with a penetration of 31% of total sales, while Prosegur Security increases its profitability by 24.3%
Prosegur, a global benchmark in the private security sector, has obtained a consolidated net profit of 17 million euros during the first three months of 2024, 32% more than in the same period of the previous year. The company has reported sales of 1,126 million euros, which represents an increase of 5.2%.
In terms of organic growth, Prosegur has achieved an extraordinary increase of 45.3%. Regarding the profitability of operations, EBITA stood at 60 million euros in the first quarter of the year, with an EBITA margin of 5.3%.
Net financial debt reached €1,342 million and the level of indebtedness remains at a net financial debt to EBITDA ratio of 2.8 times. In addition, Prosegur is in a comfortable situation with an average cost of corporate debt of 2.8% and 70% of fixed-rate debt.
The results for the first three months of 2024 show the Prosegur group's good start to the year with an increase in sales in all the geographies where it operates. During this time, the company has also reached different milestones in terms of ESG, on the one hand it has emerged as the first company in the private security sector to be classified as "Diversity Leader 2024", by the Financial Times, highlighting the company's commitment and leadership in diversity and inclusion practices. In addition, Prosegur has been recognised as the only Spanish firm among the 100 most valuable commercial service brands worldwide, according to Brand Finance.
As part of its commitment to the Group's continuous improvement, a new ESG framework will be approved after this quarter, with goals and initiatives updated to the challenges that the company will have to face during its new Strategic Plan 2024-2026.
Evolution of activity by business lines:
Prosegur Cash
Prosegur Cash, the securities logistics and cash management subsidiary, has recorded a net profit of €18 million during the first three months of 2024, 25.2% more than in the same period of the previous year, due to the reduction in financial costs. Sales reached €470 million, down 1.4%, affected by the cyclical impact of the currency in Latin America, a region that accounts for 63% of total sales. In addition, it was influenced by the exclusion of the Australian operation from the consolidation perimeter.
Organic growth rose by 51.8%, increasing by double digits in all the geographies where it operates. It is worth noting the good performance of Transformation Products, which have registered an increase of 11.5%, sales of 149 million euros. This represents 31.7% of Prosegur Cash's total sales during the first three months of 2024.
Prosegur Security
Prosegur Security, the surveillance and technology business, has reported a growth in sales of 12.2%, compared to the same period of the previous year to reach 585 million euros. The company has experienced an extraordinary organic growth of 36.9%, based on a robust increase in commercial production.
The leading security division continues with the positive trend in profitability, which increased by 24.3%, with an EBITA of 12 million euros and an EBITA margin of 2%, mainly driven by the scalability of the business and an optimal price pass-through.
Prosegur Alarms
The alarm activity together, Prosegur Alarms and Movistar Prosegur Alarms, reached 887,000 connections at the end of the first quarter of 2024. Specifically, it has increased by 8% more, 68,000 connections compared to the same quarter end of 2023. As for the exclusive activity of Prosegur Alarms, its sales rose by 6.4% to 49 million euros, experiencing a spectacular organic growth of 107%.
Prosegur Tech: AVOS Tech and Cipher
AVOS Tech, a company dedicated to improving business processes through solutions developed in its own software factory, has recorded sales of 19 million euros during the first three months of 2024. For its part, Cipher, the cybersecurity unit, has achieved sales of 3 million euros during this quarter.