(Reuters) – Bouygues French multinational conglomerate, PA:, stated that 2022 should see a further increase in core profits and sales. The company posted its annual earnings on Thursday which exceeded expectations. They also expect to surpass their pre-pandemic level.

Current operating profits of the construction, telecoms, and media company were 1.69 billion euros ($1.90 trillion). This is just below its forecast for 2019 and analysts’ projections of 1.65 billion. Core profit margins rose to 4.5% which exceeds its pre-pandemic estimate by one percentage point.

Although net profit and sales saw an increase from 2020 to the point of being positive, this was not due to pandemic lockdowns that put travel restrictions on hold.

Olivier Roussat Chief Executive stated that Bouygues was well-positioned to take on 2022. The statement also included plans for Equans, Equans’ energy service unit and the merger of its television arm with M6. These moves should strengthen and expand the reach of Bouygues.

Bouygues aims at securing its Equans acquisition – the largest in 2022 – by the second half. Meanwhile, its subsidiary TF1, France’s leading private television operator, plans to purchase its next biggest rival before the end of this year.

The group’s acquisition of 7 billion euros worth Equans should place it as the No. 1 in the world. The transition to green energy and multi-technical service is expected to make the group number 2 in multi-technical outsourcing.

The firm claimed that it has reduced its net debt from 1.98 billion to 941 million euro at 2020. This was due to the sale of shares in a leading railway manufacturer. Alstom (PA:).

A dividend of 1.80 Euros per share was proposed by the group.

According to the company, core earnings and sales for 2021 were expected to reach levels similar to those of 2019.

($1 = 0.8891 euros)