Vinci Profit Jumps as Traffic Recovers

By Ed Frankl

Vinci SA said Friday that first-half profit jumped as its earnings improved across the board and traffic recovered in its travel businesses.

The French infrastructure company said net profit in the six months to the end of June came to 1.90 billion euros ($1.94 billion) as revenue at its energies and construction divisions rose 8% and 11%, respectively, compared with EUR682 million in the same period last year.

Revenue rose 26% to EUR28.52 billion, partly through the integration of the energy company Cobra IS after its acquisition in 2021, Vinci said.

Traffic at its autoroutes segment was ahead of 2019 levels, with traffic at airports still lagging 2019's by 36%, with the company saying earnings and cash flow there "recovered spectacularly" due to the year-on-year upturn in passengers and impact of cost-cutting plans. Traffic at both segments was ahead of 2021.

Vinci confirmed its full-year guidance of net income to be higher than pre-pandemic levels of 2019.

It proposed an interim dividend of EUR1 per share to be paid on Nov. 17.

Write to Ed Frankl at [e-mail]

(END) Dow Jones Newswires

July 29, 2022 02:20 ET (06:20 GMT)

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