Aenza achieves positive profitability after seven years of Lava Jato: Milestones and projections

After seven years since the Lava Jato case, Aenza (formerly Graña y Montero) has achieved an important milestone by recording a positive profit for the first time. This achievement represents a turning point in the company's financial trajectory, which had not reached this goal since the eruption of the corruption scandal in 2016. In the last year, Aenza reported consolidated sales amounting to S/ 4,301 million, with an accumulated net profit of S/ 92 million, representing a 120.3% increase compared to the previous year. These positive results have been mainly supported by the infrastructure and energy sectors, despite the economic recession that has affected various industries. In the infrastructure sector, Aenza's sales grew in 2023 thanks to higher revenues generated by Line 1 and increased maintenance and construction works in the Canchaque concession. On the other hand, in the energy sector, sales increased driven by a higher level of oil production in the upstream business. Furthermore, the company's consolidated gross profit increased by 39.2%, mainly due to the good results achieved by Cumbra Perú in the project with LAP for the construction of the new passenger terminal at Jorge Chávez Airport, as well as the Santa Mónica project of Ecopetrol in Morelco, Colombia. Aenza's Corporate Vice President, Dennis Fernández, emphasized the importance of this achievement and noted that corporate reorganization and capital increase are fundamental steps to strengthen the company's position and capitalize on opportunities in the country and the region. Earlier this year, Aenza's General Shareholders' Meeting approved the company's corporate reorganization proposal, which includes the formation of two holding companies: Unna, focusing on infrastructure concessions and energy operations, and Cumbra, bringing together engineering and construction subsidiaries. These changes aim to enhance Aenza's growth and expansion in Latin America, leveraging its experience and track record in the sector. In summary, the news that Aenza has achieved a positive profit for the first time in seven years is an encouraging indicator of the company's recovery and strengthening after the challenges faced in the past. With a reorganization strategy and a focus on operational excellence, Aenza is poised to continue growing and capitalizing on new opportunities in the market.