The large Spanish companies listed on the stock market have finally returned to profits and are approaching pre-pandemic levels. The group of companies that make up the national stock market benchmark has earned more than 28,800 million euros in the last semester , a figure that contrasts with the nearly 15,000 million losses suffered during the same period of the previous year.
However, the gross operating result (ebitda) still does not reach the numbers it registered before the economic crisis caused by Covid-19. In fact, although it has increased by almost 90% in the last year, the figure is still well below those levels, standing at close to 43,000 million euros .
Start of economic recovery
This increase in profits during the first half of the year responds to a series of extraordinary income received by the large listed companies. Telefónica, for example, which leads the earnings of the Ibex 35, has multiplied by eighteen the income of last year with the merger of the subsidiary O2 with Liberty Media, and by the sale of Telxius assets in Germany .
CaixaBank, for its part, has recorded profits of 4,181 million euros, after assuming extraordinary income derived from the merger with Bankia . On the other hand, the gradual recovery of the Spanish economy , together with the increase in oil prices and the advance in steel demand, are also aspects to take into account when explaining this growth of the large listed companies.
Likewise, it should be taken into account that this difference in figures also responds to the base effect. During the first quarter of 2020, activity was reduced to essential production, which led to the fall in the prices of raw materials, such as oil, which became negative for the first time in its history.
Inditex and Solaria have not yet made their figures public
Taking into account that Inditex and Solaria have not yet made their accounts for the first half of 2021 public, these six months leave six companies saying goodbye to losses . In the same way, 14 firms manage to increase their profits compared to another five that reduce them.
For their part, the companies that lead the bottom of the ranking respond, for the most part, to the paralysis of mobility for months and the slowdown in tourism and travel. Among them are Aena, Amadeus, Cellnex, Ferrovial, Siemens, Meliá and IAG. The latter is once again the company with the most losses on the Ibex. However, despite registering a negative balance of almost 2,047 million euros, this company has managed to reduce its losses by practically half .
Finally, the turnover of the large listed companies registers a turnover of more than 200,000 million euros . Leaving aside ArcelorMittal, a foreign company, Santander leads the income ranking, in line with the good results presented by the rest of the banks. Behind the financial entity, Repsol, Telefónica and Iberdrola appear.