After the pandemic and the invasion of Ukraine, the large companies of the Ibex are returning to business as usual. They continue to achieve high profits, but for the first time in three years they do so with some disinterest in the extraordinary events that, for better or worse, altered many business plans. Neither demand shock nor supply chains nor inflation now explain everything.
In the first half of the year, the most listed companies in the country earned 26,304 million euros, 6% 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, between interest rate rises, almost half of all the profits of the Ibex.
The pandemic first and the invasion of Ukraine later affected companies differently. With the covid, technology took off and tourism suffered, while the war in Europe, inflation and interest rate rises shot up the results of banks and energy groups, with a heavy weight on the Ibex . Basically, the ample liquidity at the service of the economy by the ECB contributed to business results being at record levels in 2021 and 2022.
In the absence of Inditex, which has a different calendar of results, the biggest profits have been achieved by the banks, with Santander and its 5,241 million euros in the lead. BBVA also had a historic result, of 3,878 million, to which Caixabank's 2,137 million can be added. The rest of the Ibex banks, which are Bankinter, Sabadell and Unicaja, earned a total of 12,385 million, 20% more.
Among the energy groups, oil and electricity prices remain at high levels, but have moderated, and after the exceptional situation of a year ago, companies are returning to a less volatile scenario. With the exception of Endesa, which cut profits, the electricity companies continue to raise profits: Iberdrola increased it by 21%, up to 2,520 million, compared to 87% of Naturgy, up to 1,045 million. Repsol, on the other hand, which obtained record profits, earned 1,420 million, 44% less than a year ago.
During the first semester there has also been a restraint in the prices of raw materials, which while they were soaring had led companies dedicated to the steel industry, such as Acerinox and ArcelorMittal, to obtain historic results, and which are now beginning to normalize.
The take-off of the tourism sector is being strong, which can be seen in the technology platform Amadeus, which won 563 million, and especially in the airline group IAG, which has come out of losses and won 920 million, of which more than 300 correspond to Iberia, an unprecedented figure.
The Ibex, which has revalued by 7% since the beginning of this year, also has a prominent presence of construction companies, which are doing well thanks to business abroad. Acciona, with 467 million euros, 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 earnings, while ACS has raised them by 17%.
Uncertainty now focuses on businesses such as real estate. Colonial and Merlin have recorded losses when they have reviewed the value of the assets. There have also been companies such as Grifols that would have obtained profits of 114 million if it were not for extraordinary notes.
The telcos haven't had the best half. 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 of the Ibex entered a total of 266,810 million euros, a figure very similar to that of a year ago. ArcelorMittal, with 33,320 million, is the one with the highest turnover, ahead of Repsol's 28,462 million and Santander's 28,234 million.
