Press Room
Prosegur Cash increases net profit by 45% to €91 million in 2024
Company ends 2024 financial year with revenues of €2.090 billion, up 12.3% on 2023, exceeding €2 billion for the first time.
_baja.2500711742497607152.JPG "Prosegur Cash increases net profit by 45% to €91 million in 2024")
Madrid, February 27, 2025. Prosegur Cash, a world leader in value logistics and comprehensive cash management, has reached a new sales milestone during the 2024 financial year: €2.090 million, up 12.3% on the previous year. The company has experienced extraordinary organic growth of 18%, favored by the increase in business in all regions, while the negative impact of exchange rates has fallen in the last part of the year to 6.2%.
In terms of profitability, Prosegur Cash's EBITA in the 2024 financial year reached €251 million, with a growth of close to 14% compared to 2023, and an improvement in the sales margin of 20 basis points to 12.0%.
Cash generation continues to evolve strongly. Free cash flow stood at €148 million, up 24% year-on-year. Also noteworthy is cash generation for the fourth quarter of the year, having generated €57 million. The leverage ratio has been reduced to 2.3x EBITDA.
Transformation Products continued to perform well, registering growth of 18.8% to reach €673 million, making up 32.2% of total sales in 2024. The Latin American and European markets have led this growth, and in both regions these products account for a third of sales.
Activity by geographies
In Latin America, sales amounted to €1.294 billion in the 2024 financial year, with growth of 15% compared to 2023, representing 62% of the group's global sales. The penetration of Transformation Products in this region exceeds 33% and stands at €428 million, up 21% on the previous year. Adjusted EBITA for the region reached €218 million, a year-on-year increase of 16%.
European sales in 2024 reached €653 million, up 7% compared to 2023, and accounting for 31% of the group's total revenues. At the same time, the penetration of Transformation Products reached 32.9% with respect to total sales, growing by 16% on the previous year, while EBITA reached €31 million, down 8%, affected by the Forex openings made in the year, as well as by higher transitory labour costs in Germany.
In the Asia-Pacific region, sales of €143 million were recorded during 2024, with growth of 15% over the previous year, accounting for 7% of the group's global sales. Sales of Transformation Products in the region increased by 6%, despite the comparative year-on-year impact of Australia's deconsolidation. Adjusted EBITA for the region was positive for the first time, amounting to €3 million for the year, ushering in a new phase.
Other business topics
In terms of sustainability, the high points of 2024 for Prosegur Cash were the application of a New Sustainability Master Plan, along with improved ESG ratings. Among the most outstanding milestones of the year is the 5.55% reduction in emissions and the 6.9% fall in the employment incidence rate.
The company, faithful to its commitment to shareholder remuneration, proposes to increase the dividend for the 2024 financial year to €63 million.
Finally, Prosegur Cash has recently signed a five-year syndicated revolving line of financing, extendable up to a maximum of seven years with various national and foreign credit institutions for a maximum total amount of up to €300 million, as yet undrawn, and which replaces the previously existing line of the same amount.