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Prosegur increases sales by 6.4% to €3.584 billion, driven by 37.1% improvement in organic growth
Prosegur boosts sales by 6.4%, reaching €3.584 billion. Discover the key drivers behind this impressive growth in their latest press release.
Deerfield Beach, FL (November 4, 2024):
- EBITDA increased by 5.9% to €399 million. Prosegur's net profit from January to September reached €66 million, up 3.2% on same period in 2023.
- Sales grew throughout the group's main regions: Latin America and Europe; based on organic expansion across all business divisions.
- Prosegur continues to consolidate its position in the global market with an outstanding presence in 34 countries and a workforce of around 175,000 employees.
Prosegur, a global leader in security solutions, today reported its results for the first nine months of 2024. An outstanding financial performance has seen total sales reach €3.584 billion, up 6.4% on the same period last year.
EBITDA stood at €399 million, reflecting improved operational profitability of 5.9% compared to the previous year, while the margin advanced to 11.1%. Prosegur's net profit from January to September reached €66 million, 3.2% up on the first nine months of 2023.
Prosegur's global presence and strategic focus on inflationary environments have been key factors driving this exceptional growth in all regions. This has been demonstrated by further organic improvement in profitability across all businesses.
Latin America, which accounted for 48.9% of total revenues, grew by 5% over the same period of the previous year, reaching a turnover of €1.755 billion. Europe, on the other hand, recorded growth of 9%, reaching €1.433 billion, representing 39.9% of the group's revenues. In other regions, sales reached €396 million, an increase of 3.8%.
The Prosegur Group has continued to demonstrate a high degree of financial soundness over the course of the year, reducing the level of leverage, improving the cost of debt, along with solid cash generation. Net financial debt fell at the end of the first nine months of 2024, with a ratio of net financial debt to EBITDA of 2.6 times.
EVOLUTION OF ACTIVITY BY BUSINESS LINES (9M 2024)
Prosegur Security: extraordinary organic growth based on a robust increase in commercial production
In the first nine months of 2024, Prosegur Security has stood out for its solid financial performance, reporting sales totaling €1.833 billion, an increase of 12% over the same period of the previous year. This increase was driven by organic growth of more than 33%.
In terms of profitability, the positive trend continues thanks to disciplined repricing, absenteeism control and portfolio turnover, as well as scalability. The business line achieved a margin of 2.9% in the period, resulting in an EBITA of €54 million and 20% growth compared to the same period of the previous year.
Prosegur Cash: sustained growth supported by transformation products
Prosegur Cash reported sales of €1.523 billion in the first nine months of the year, up 1.7% on the same period of the previous year, a figure that rises to 2.2% if the impact of inorganic growth is excluded. Organic growth was sustained in all geographies, reflecting a solid and positive business performance.
The Cash Today and Forex initiatives have driven sustained growth in transformation products, with sales reaching €489 million, a 9.9% increase over the same period of 2023, and a 32.1% penetration of total sales. This growth in transformation products is reflected across all regions.
Prosegur Alarms: growth, customer loyalty and strong recurring cash generation
Prosegur's alarms business has experienced solid growth in its customer base, taking it to 937,000 customers (404,000 belong to Prosegur Alarms and 533,000 to Movistar Prosegur Alarms), representing an increase of 9.7% over the same period of the previous year.
In both lines, significant improvements were also observed in monthly recurring fees (ARPU), with growth of 4.6% in the case of Movistar Prosegur Alarms (MPA) and 4.3% in the case of Prosegur Alarms.
With respect to recurring cash, there was solid cash generation with good growth prospects, with a run-rate figure of €82 million, 41.4% up on the same period of the previous year.
AVOS Tech and Cipher: Innovative Solutions in the First Nine Months of 2024
AVOS Tech, a business unit of the Prosegur Group specializing in technology, is committed to using innovation to help companies in their digital transition. To this end, and as part of its own customer-focused transformation process, the firm has taken another step forward with the launch of AVOS Tech Insurance Suite, a unique solution in Spain that will account for around 25% of the firm's total turnover by 2025. In this sense, AVOS Tech Insurance Suite aims to provide a comprehensive value-added service to insurance companies, based both on the development of proprietary software and the implementation of BPaaS work teams in order to reduce the operational complexity of internal processes and improve the customer experience.
Finally, this year saw Prosegur Cipher, the cybersecurity division of the Prosegur Group, jointly inaugurate the first SOC (Security Operations Center) in Andorra through a strategic agreement with the local security sector leader, Menta Grup. This initiative will allow Cipher to accelerate and scale the adoption of cybersecurity systems and measures throughout the principality.