Vinci S.A delivered 9% up EBIT
$DG.PA (Vinci S.A) closed 1st half 2024 with 33.77B euros which is 4.4% higher than 1st Half of 2023. Net income at 1.995B euro down 4.5% from same period last year. Revenue growth in all three businesses: Concessions (up 7%), Energy (up 6%) and Construction (up 3%). Earnings before interest and taxes improved by 9% and the lower net income is due to new taxes in French motorways.
Impact to portfolio
Vinci S.A have 7% share in overall portfolio. We increased position after the drop from snap elections. From -10% it is now in the 2% gain mark. The supposed to be profit taking in the French stocks will be delayed which is not a bad thing anyway based on the continuous growth translated also to higher dividends.
Other portfolio update
We managed to close in green despite pressure in 2 of our holding DLR and Nestle. Fed announcement related to the rate cuts this September helped the overall market to recover.
Happy Investing!
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