Implenia reaches ‘record level’ consolidated profit with nearly US$8bn backlog

An Implenia bridge project connecting the island of Engeløya in Steigen, Norway, to the mainland. The group released its annual financial results in Februrary 2023. (Image: Implenia)

Implenia reported its Q4 2023 and full-year results, which showed a Swiss Franc CHF 142 million (US$160 million) profit from roughly $4.1 billion in revenue.

Revenue was slightly up, but close to even on last year. Profit saw a nearly 25% rise compared to 2022.

The group’s backlog was down from last year, but Implenia leadership expressed that value (almost $8 billion) remained elevated.

“The order book remains at a high level,” confirmed Hans Ulrich Meister, Implenia’s chairman of the board of directors. “Based on its strategic focus and expertise in large, complex real estate and infrastructure projects, the group was able to win a large number of relevant contracts in 2023.

“Strict application of Value Assurance, Implenia’s risk management, ensures that the projects in the order book have a solid risk and margin profile,” he added.

Implenia achieved revenue gains in its buildings and corporate segments of 6.6% and 7.2%, respectively.

Revenue for the real estate segment took the biggest dip at 23%, followed by the specialties division at 3.8%. The civil engineering division revenue dropped 2.6% in 2023.

The group noted its real estate revenue was expected to drop.

“The result is not comparable to the previous year’s period due to above-average earnings from the sale of large real estate projects in the first half of 2022,” said Implenia.

The company added nearly 1,500 employees by 2023’s end, which Implenia noted was due to the acquisition of Wincasa, a Swiss-based real estate service provider. Implenia acquired the company in May 2023 for $194 million. The group listed 9,056 employees as of December 31, 2023.

Looking ahead, leadership expressed confidence in real estate and infrastructure schemes.

“There is still high and rising demand for large-scale real estate projects in attractive urban locations, as well as for complex infrastructure projects,” said Implenia CEO André Wyss.

“This demand is being stimulated by the megatrends of population growth and urbanisation, as well as by the energy transition and investments in new or modernised transport and energy infrastructure.”