May 19, 2024
Colombian economy

Antioquia’s Flower Exporters Harvesting Bigger Profits: Study

A new study by Colombia’s Superintendencia de Sociedades (corporations oversight agency) finds that national flower exporters realized a big jump in profits in 2015 versus 2014.

Colombia’s biggest industrial flower producers are mainly located in Antioquia (eastern suburbs of Medellin) and Cundinamarca (outer suburbs of Bogota).

In total, 194 industrial flower producers saw big jumps in sales and income in 2015, thanks largely to depreciation of the Colombian peso versus the U.S. dollar, the study shows.

The study examined 134 companies that present financial information under Colombian accounting standards plus another 60 that report under international accounting standards.

Those companies reporting under Colombian standards saw their operating income rise 30.3% year-on-year, to COP$229 billion (US$78 million), while profits rose to COP$21.8 billion (US$7.4 million), up 47.5% year-on-year.

Those companies employing international accounting standards saw their sales jump 21.6% in 2015, to COP$1.97 trillion (US$670 million), while profits rose 66.8% year-on-year, to COP$59.4 billion (US$20 million), the study shows.

Holland continues as the global market-share leader in flower exports, at 40%, while Colombia is second at 17% share and Ecuador is third at 11% share, the study notes. The USA remains the biggest buyer (77%) of Colombian flower exports, followed by the UK (4%) and Japan (4%), the study shows.

Foreign capital accounts for just 7.5% of investment in the Colombian flower industry, the study adds.

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