At the same time, net borrowing was reduced by 17.2% from 2022 and 59.8% from 2020.
The above figures make up the strong performance of the AVAX Group in 2023 and are expected to lead to particularly increased financial figures, as early as 2024 and in the medium term. Within this context, the management will propose the distribution of a gross dividend of 0.03 euros per share, corresponding to 44% of net earnings from continuing operations in 2023.
New flagship projects in the portfolio
2023 was a particularly successful year in terms of undertaking new projects, as initial and supplementary contracts for public and private projects were signed as well as subcontracts and services with a total value of 1.44 billion euros, following the signing of contracts amounting to 875 million euros in 2022.
Consistency in strategic targeting in the field of construction
After the sale of a portfolio of 112MW RES projects and the participation in the concession of the Rio-Antirio Bridge in 2022, the Group continued in 2023 to disinvest from mature non-strategic holdings, in order to focus on the area of construction, concessions and real estate that show positive growth prospects in the coming years.
Construction sector performance improved, with profit margins widening.
In particular, the construction EBITDA margin increased to 6.2% in 2023 from 4.7% in 2022, a trend which is expected to continue as the pace of implementation of new projects accelerates.
