Prosegur increases its net profit in 2023 to €66 million, growing by 1.3%.
  • Prosegur recorded revenues of €4.31 billion, up 3.3% on 2022, with operational organic growth of 41.8%.
  • The Group has outstanding operating cash flow, with growth of 9% to €313 million.
  • Reflecting its solid profitability, Prosegur’s EBITA is €280 million, with the Prosegur Security line increasing its profitability by 27% year-on-year.
  • Also noteworthy is the continued innovation of Prosegur’s Cash business, where New Products now account for 30.4% of total sales.

Madrid, February 29, 2024.- Prosegur has reported a consolidated net profit of €66 million for 2023, up 1.3% on the previous year. Breaking all-time records, the company reported sales of €4.31 billion, an increase of 3.3%, despite the impact of exchange rates. In terms of organic growth, Prosegur has achieved an extraordinary 41.8% increase in its operations.

Reflecting the profitability of its operations, EBITA stood at €280 million for the 2023 financial year, with an EBITA margin of 6.5%, taking into account hyper-inflationary adjustments. Prosegur also has an outstanding operating cash flow, with growth of 9% compared to 2022, reaching €313 million. In addition, there has been an increase in Growth Capex, consolidating overall growth, especially Prosegur Cash and Prosegur Alarms.

Net financial debt reached €1.243 billion, while the indebtedness level was 2.6 times net financial debt to EBITDA. Furthermore, Prosegur has a comfortable average cost of corporate debt of 2.7%, with 73% of debt at a fixed rate.

The annual results reflect a solid performance throughout 2023, evidence of the soundness of Prosegur’s business model and its ability to adapt to the changing macroeconomic environment. In turn, the balance of the 2021-2023 Master Plan is positive, having delivered a process of cultural change throughout the organization, with depth in all lines of business and support areas. In 2024, a new ESG framework will be approved, with goals and initiatives updated to the challenges that the company will face during the implementation of its 2024-2026 Strategic Plan.

Evolution of activity by business lines:

Prosegur Security

Prosegur Security, the Group’s surveillance and technology business, reported a year-on-year 8% increase in sales, reaching €2.178 billion. The company has experienced extraordinary organic growth of 32.7%, consolidating business in the United States, as well as operational efficiencies in Latin America.

At the same time, the security division has quickly recovered profitability, with a 27% increase, and an EBITA of €70 million. The EBITA margin reached 3.2% in the quarter and 4.8% in the quarter on a stand-alone basis, mainly driven by the scalability of the business and its good performance in the United States. Finally, it is worth highlighting positive operating cash flow, which increased by €47 million on 2022.

Prosegur Cash

Prosegur Cash, the securities in transit and cash management division, achieved sales of €1.861 billion. The company experienced extraordinary organic growth of 50.8%, which increased by double figures in all geographies, both in the year and by quarter. New Products activities are now worth €660 million and accounted for 30.4% of Prosegur Cash's total sales in 2023.                               

Prosegur Cash's EBITA for the year reached €220 million, with a margin of 11.8%, significantly affected by the exchange rate and hyperinflation in Latin America, a region which represents 60% of the company's total sales.

Prosegur Alarms

The Group’s alarms business generated 163,400 new registrations in the year. Together, Prosegur Alarms and Movistar Prosegur Alarms were expected to exceed 870,000 connections by the end of 2023, representing an increase of 8%. Both companies continue to increase their profitability and reach combined revenues of €166 million, with an impressive organic growth of 72.9%.

AVOS Tech and Cipher

AVOS Tech, which improves business processes through solutions developed in its own software factory, reported sales of €90 million, up 4.8% on 2022. Cipher, the cybersecurity unit, posted sales of €15 million in 2023.