- Business growth is accompanied by profitability, with an EBITDA of €52.6 million (+21%) and EBIT of €16.4 million (+27%), despite the impact of inflation on costs.
- 25% of the company’s revenue is tied to recurring business with long-term contracts.
- In terms of sustainability, 80% of GAM's fleet is zero-emission, and 81% of the company’s energy consumption comes from green energy sources.
Oviedo, November 8, 2023.- GAM, a listed Spanish multinational company (BME: GAM) providing comprehensive solutions and services for the industry, publishes its performance for the third quarter of 2023. During this period, the multinational reached a turnover of €203.4 million, representing a 23% growth compared to 2022, which had €166 million in revenue.
Despite inflation on costs, EBITDA reaches €52.6 million, reflecting a +21% growth and remains at 26% of sales (similar to the previous year), while EBIT grows by +27%, reaching €16.4 million (8% of sales).
Net income reaches €3.7 million and is reduced compared to the previous year due to the impact of increased financial costs.
Chart: 2023 vs 2022 Magnitudes in millions of €
All business lines show positive growth data. The recurring or long-term business is the one showing the most positive increase: it grows by 41% and already accounts for €50.1 million in 2023, with a 25% share of the total business.
The CAPEX-free business area (those not requiring additional structure and capital, such as distribution, buying and selling, maintenance, training…) grows by +20%, with revenues of €74.1 million, and represents 36% of the total business. Lastly, the rental and services business line grows by +15%, reaching €79.2 million and represents 39% of total revenue.
Chart: Revenue by business 2023 vs 2022 in millions of €
This year, the company has complemented its organic growth with corporate operations, both in the domestic market and internationally. Acquisitions have included Carretillas Mayor, a Valladolid-based company with over 30 years of experience specializing in rental and maintenance services for all types of handling, lifting, crane, and AGV equipment, with a fleet of 3,000 units. The acquisition of Ozmaq, a Mexican company with over 40 years of experience providing a wide range of quality products and services to the industrial sector, has also been completed, allowing GAM to consolidate its position in the Mexican market and double its business in the country. Lastly, GAM has strengthened its position in Saudi Arabia by acquiring 100% of the company (previously holding a 50% stake).
GAM continues to advance in its sustainability plan
GAM's sustainability model is embodied in a transformation project called Embracing Sustainability, which encompasses all of the company's sustainable initiatives. This project is divided into four main blocks to ensure that the objectives and positive impacts are applied across the business model.
These four pillars of GAM’s Sustainability Plan cover environmental aspects, circular economy, business transformation, and social scope. Thus, 80% of the fleet is zero-emission and 81% of the company’s energy consumption comes from green energy sources.
In this vein, GAM also has a last-mile sustainable mobility company, Inquieto. Additionally, it has a machinery remanufacturing plant based on the circular economy principle, which will soon be operational. And, in the social domain, it supports sector training through its Kirleo Vocational School.
