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Vinci first-half earnings rise 26% YOY

French construction and engineering company VINCI SAs net income increased 26.2% year over year in the first half and revenue rose 6.7% due to traffic growth on roads and at airports along with improved contracting business in France.

The company reported net income attributable to owners of the parent of €1.30 billion, or €2.32 per share, in the first half of 2018, up from €1.03 billion, or €1.84 per share, in the same period of 2017.

Revenue increased to €19.76 billion from €18.51 billion. Concessions revenue rose 6.3% to €3.43 billion from €3.22 billion in the year-ago half, and contracting revenue was up 6.9% to €16.14 billion from €15.10 billion.

Operating income from ordinary activities, or EBIT, increased 11.4% to €2.10 billion, from €1.88 billion.

Second-quarter revenue totaled €10.91 billion, up 8.3% from €10.08 billion in the year-ago quarter. Concessions revenue increased 6.4%, and contracting revenue rose 8.5%, from the prior-year quarter.

Vinci confirmed its revenue and earnings growth guidance for full year 2018. In concessions, the company expects similar traffic growth to that of 2017 at Vinci autoroutes but growth at airports is projected to be less dynamic than that of 2017. Business levels in contracting are expected to continue to grow in all business lines due to the favorable French economy and international development. EBIT margin is expected to improve further in the year.