After the pandemic and the invasion of Ukraine, the big Ibex companies return to business as usual. They continue to reap high profits, but for the first time in three years they do so with some detachment from the extraordinary events that have upset many business plans for better or worse. Neither demand shock nor supply chains nor inflation now explain everything.
In the first half of the year, the largest listed companies in the country earned 26,106 million euros, 7% less than a year ago, but a level 35% higher than the nearly 20,000 million in the first part of 2019, before the covid . The return to normality is relative because the banks continue to break records and already monopolize, between increases in interest rates, almost half of all the Ibex profits.
The pandemic first and the invasion of Ukraine later affected companies differently. With the covid, technology companies stood out and tourism suffered, while the war in Europe, inflation and interest rate rises triggered the results of banks and energy groups, with a strong weight on the Ibex. In the background, the ample liquidity placed at the service of the economy by the ECB contributed to business results reaching record levels in 2021 and 2022.
In the absence of Inditex, which has a different results calendar, the greatest benefits have been achieved by the banks, with Santander and its 5,241 million euros at the helm. BBVA has also had a historic result, of 3,878 million, to which are added the 2,137 million of Caixabank. Together with the rest of the Ibex banks, which are Bankinter, Sabadell and Unicaja, the entities earn 12,385 million together, 20% more.
Among the energy groups, oil and electricity prices remain at high levels, but have moderated, and after the exceptional situation a year ago, they return the companies to a less volatile scenario. Except for Endesa, which cut profits, the electric companies continue to increase profit: Iberdrola did it by 21%, up to 2,520 million, compared to 87% for Naturgy, up to 1,045 million. Repsol, on the other hand, which comes from obtaining record profits, has earned 1,420 million, 44% less than a year ago.
During the semester there has also been a containment in the prices of raw materials, which had led companies dedicated to the steel industry such as Acerinox and ArcelorMittal to obtain historic results. Now they are starting to normalize.
The takeoff of the tourism sector is being forceful, which can be seen in the Amadeus technology platform, which earned 563 million, and especially in the IAG airline group, which has come out of losses and has earned 920 million, of which the most 300 million correspond to Iberia, an unprecedented figure.
The Ibex, which has risen 7% so far this year, also has a notable presence of construction companies, which are doing well thanks to their business abroad. Acciona, with 467 million, led the profits of these companies, above the 385 million of ACS and the 114 million of Ferrovial. The first and third have more than doubled their profits, while ACS has raised them by 17%.
The uncertainty is now focused on businesses such as real estate. Colonial and Merlin have posted losses when reviewing the value of their assets. There have also been companies like Grifols that would have obtained profits of 114 million euros if it were not for extraordinary notes.
The telcos have not had their best semester. Telefónica earned 760 million, 26% less, but raised its forecasts for this year. Cellnex, which has just incorporated a new CEO to replace the departure of Tobías Martínez, lost 193 million.
The large companies on the Ibex jointly entered 266,810 million euros, a figure very similar to that of a year ago. ArcelorMittal, with 33,320 million, is the one that invoices the most, ahead of Repsol's 28,462 million and Santander's 28,234 million.
