02/18/2020 | Press release | Distributed by Public on 02/18/2020 04:20
The Spanish multinational GAM (General de Maquinaria de Alquiler, BME: GALQ) has presented its results corresponding to the first quarter of 2018 showing 6% growth in turnover, totalling 28.2 million euros compared to 26.7 million in 2017.
This increase has been possible due to improved occupations and the continuous increase in services that do not require additional investment. Especially noteworthy is the strong growth in Iberia and Morocco, where sales grow by 10%. In Latin America the business also grew by 10% although, due to currency devaluation, the final variation was 2%.
On the other hand, EBITDA was 7.1 million euros with an improvement of 20%, significantly highlighting Latin America whose EBITDA grew 62%. The improved EBITDA was due to greater activity in all business lines and the strong cost control, which led to the EBITDA margin increase by three points over the previous year.
The business's profit improved 81%, reaching practically equilibrium and having maintained the same levels of net indebtedness at the end of 2017.
The Company maintains high levels of activity in all its business lines, with special emphasis on all those related to services. The success achieved during the first online auction in 2018, with more than 300 pieces of equipment and 10 million euros of assets for sale, and the start-up of the Hyster lorry distribution business are added to the recent agreement signed with energy company Gas Natural Fenosa and the provision of all kinds of services in sporting, cultural and musical events, which were other factors that contributed to the Company's growth.