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Urbas Up 10% After Profits Soar to 57.9 Million Euros

Urbas increased its turnover more than 11-fold between January and June 2021, to 84.9 million euros.

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Urbas Grupo Financiero reported a consolidated profit of 57.9 million euros between January and June 2021, which is more than 33 times the profits of the same period last year (€1.7 million), thanks to the “development of its business plan and the corporate operations carried out,” according to the company’s statement to the Spanish National Securities Market Commission (CNMV).

In addition, the company chaired by Juan Antonio Acedo increased its turnover more than 11-fold in the first half of this year, to 84.9 million euros, driven mainly by construction activity.

In contrast, Urbas’ operating profit fell by 26.3% between January and June 2021, to 1.3 million euros, weighed down by development activity.

On Wednesday, Urbas shares soared by 10.1% on the Madrid Stock Exchange to 0.018 euros. However, the group, which has a market capitalisation of 72 million euros, is up only 0.6% for the year.

Read the full article in Spanish

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