In 2024, Budimex intends to expand its portfolio and begin operations in Latvia

by   CIJ News iDesk III
2024-02-01   17:51

Budimex plans to further diversify the group's portfolio in 2024 and launch operations in Latvia, board member Maciej Olek said.

"We want to have a diversified portfolio of activities, hence the development of non-construction companies like FB Serwis, Mostostal or the Mobility segment. We want to launch operations in Latvia - this is our main objective within foreign operations for this year. We are looking at the whole of Pribaltika. In Germany, on the other hand, it will be a year of building a market position, and in the Czech Republic we assume a permanent presence," Olek said.

He added that Budimex (according to data after Q3 2023) is waiting to sign contracts for PLN 2.5 billion and has around PLN 10 billion in the most favourable bids submitted.

"In 2024 we are waiting for European funds. We already know they will be, but it is not yet clear when physically. The procedure is quite long, rather they will come to Poland in the second half of the year. I hope that all programmes from the NIP, with the Cohesion Fund at the forefront, will be launched. Moreover, this is another year of approaching the realisation of the nuclear power plant. Here we are in close contact with the technology and construction partner. In the next few years - if nothing unexpected happens - work will start on the first power plant," mentioned the Board Member.

He further indicated that Budimex hopes that a better organised plan for the modernisation of transmission lines will emerge.

"We are hoping for a breakthrough here, because the needs are gigantic. We have plans to participate in these projects," Olek pointed out.

He also pointed out that a question mark currently hangs over CPK.

"Probably this year a decision will be made on this issue. We hope that even if the airport is not built, the railway component will be implemented, because Poland needs high-speed rail also for freight transport, intermodal transport. In hydrotechnics there are investment plans in Pomerania and concerning rivers. We hope that decisions should finally be made here, too. As far as green energy is concerned (farms on the Baltic Sea, photovoltaics), we have, of course, plans to implement and build our own portfolio with the aim of achieving a total capacity of 500 MW (BXF Energia currently has 7 MW, and the Magnolia project for 14 MW is in its final phase)," the member of the Budimex Management Board mentioned, mentioned the Budimex Board Member.

On 21 December 2023, a contract was signed for the construction of the Rail Baltica railway line in Latvia. Under the €3.7 billion contract, the winning consortium ERB RAIL, comprising France's Eiffage Génie Civil, Poland's Budimex and Italy's Rizzani de Eccher, will build the 230-kilometre high-speed railway.

Budimex has been listed on the Warsaw Stock Exchange since 1995; it is part of the mWIG40 index. Its strategic investor is the Spanish company Ferrovial. It had PLN 8.62 billion in consolidated revenues in 2022.

Source: Budimex and ISBnews