Urbas is a company in low times with no shortage of ambitions. The real estate and construction company, the umpteenth mutation of the Barcelona transport group of the same name born in 1944, is still pending an important trial and has failed in its attempt to take over Abengoa's assets. However, it has plans for the future: it has just launched a new strategic plan to enter a “maturity stage” and establish itself as one of the leading construction companies in Spain.
Dedicated to real estate since 1972, her career has not been without ups and downs. It debuted on the stock market in 1989, moved its headquarters to Madrid in 1994 and had time to suffer a crisis in the 1990s that threatened its survival. She also experienced the rise in the years of the real estate bubble and the fall with the 2008 crisis, until she sank into a years-long lethargy from which she now wants to escape.
His wish is to shelve the trial for alleged corporate crimes during the capital increase of 384 million carried out in 2015 and subscribed by a company, Aldira, in which several directors of the company participated. Among the accused are the president of Urbas, Juan Antonio Acedo, and his predecessor, Juan Antonio Ibáñez. Acedo has 24% of Urbas and Ibáñez, 20%.
This litigation affects the president, but not the company itself, which has been seeking a boost for its businesses for some time. In 2021, it refinanced its debt and began an acquisition plan to grow in construction and energy. He also bought feldspar mining concessions in Lugo and a marble quarry in Murcia. He also wanted to take over Abengoa assets in court, finally awarded to Cox.
His recurring complaint is the low stock market value, which he now aims to multiply by ten. The mix of real estate, energy and construction businesses makes it something like a potential Acciona.
“We are in a solid position with orderly and substantially reduced debt, a consolidated financial structure and a healthy financial situation,” were the words with which Acedo began his speech at the recent shareholders meeting, in which he presented the new plan. strategic. The time has come to “generate value and maximize return to shareholders,” he said.
The company has set great objectives until 2028. It aspires to achieve revenues of 1,500 million euros, compared to the 305 million with which it closed last year, and a gross operating profit (ebitda) of almost 250 million, eight times more than the 41 million in 2022. It does not rule out capital increases or putting shares up for sale in other markets.
And how are you going to achieve it? Its intention is to grow internationally, seek organic profitability and, above all, diversify into new businesses, including industrial, energy and, with special mention, those linked to the elderly and health. It aims to offer and manage more than 10,000 places in nursing homes until 2030.
The company expects that half of its turnover will come from international activity in 2028 and has developed something like an ideal income mix: 40% should come from real estate development, 22% from health and services, 21% from industry and energy and the remaining 17% from infrastructure and buildings.
Civil works, which has regained momentum in recent years outside of Spain, is another of the areas in which Urbas wants to invest strongly. There are many water, gas, renewable and sustainable infrastructure projects, and you want to take advantage of them.
The company will not neglect the brick either. It has a portfolio to build 4,300 homes and, above all, it has 17 million square meters of land on which, it says, 15,000 homes could be built.
Once the what and the how are defined, the who is missing. Urbas has appointed Jaime Polanco as executive vice president, a manager with extensive experience at Prisa, whose international area he presided until 2009. He was also director of strategy for the communications group. To look for new businesses and implement his strong growth plan, he has hired two managers. They are Rafael Valenzuela, head of the energy and industry area, and Daniel Navalón, who has been general director of infrastructure and innovation since last year.
