Promotora y Operadora de Infraestructura S. A. B. (PINFRA) Q2 2024 earnings summary

Executive summary

• Consolidated revenues for Q2 2024 reached $4.33 billion pesos, up 12% year-over-year, driven by strong performance in concessions and construction segments.

• Net profit surged 103% to $1.99 billion pesos, mainly due to a significant foreign exchange gain of 980 million pesos.

• EBITDA increased 10% to $2.87 billion pesos, with a margin of 66%.

• Average daily traffic volume on consolidated toll roads rose 1% year-over-year, supporting revenue growth.

Financial highlights

• Operating profit was $2.61 billion pesos, up 14% from Q2 2023, with a 60% margin.

• Cash flow from operations grew 27% to $3.1 billion pesos.

• Total assets increased 1% sequentially to $79.8 billion pesos; shareholders' equity rose 4% to $61.5 billion pesos.

• Total liabilities decreased 6% from the previous quarter to $18.3 billion pesos.

• Net accounting debt stood at $12.97 billion pesos, with 29.7% in UDIS.

Outlook and guidance

• Major expansion projects underway, including Armería-Manzanillo, Michoacán Package, and Rumbo Nuevo toll road, with significant investments and expected completions in 2024–2025.

• Construction on the Libramiento Colima and Elevated Bypass of Puebla to begin in September 2024.

• Continued focus on sustainability, with the second annual sustainability report to be published this year.