September 23, 2023

Construcciones El Condor 3Q 2021 Profits Nearly Unchanged Year-on-Year

Medellin-based highway construction giant Construcciones El Condor announced November 11 that its third quarter (3Q) net income nearly matched that of 3Q 2020, at COP$16 billion (US$4.1 million).

However, revenues dropped 34% year-on-year, to COP$372.7 billion (US$95.7 million), according to the company.

The drop in revenues “is associated with the completion period of the projects that were executed during previous years with significant billings, with the suspension of some projects that are awaiting environmental and property decisions, and execution of public-works contracts that have not yet begun,” according to the company.

“Additionally, the Paro Nacional [protest marches] that began at the end of April 2021 also affected the pace of the works for reasons of physical security of our collaborators in some areas and shortage of the main supplies in the projects.”

Cost increases in raw materials and supplies generated an operating loss of COP$4.7 billion (US$1.2 million) in the latest quarter, the company added.

Earnings before interest, taxes, depreciation and amortization (EBITDA) came-in at COP$24 billion (US$6.16 million) with EBITDA margin at 6.5%, down from 12.06% in 3Q 2020.

As of September 2021, El Condor’s assets totaled COP$2.34 trillion (US$601 million), while liabilities totaled COP$1.26 trillion (US$324 million).

“With the payment of the series of bonds issued in September 2019 for COP$81.5 billion (US$21 million) and the new funding of the structured loan granted by Bancolombia and Davivienda with a term of 24 months, the structure of current liabilities is maintained at levels close to 50%,” the company added.

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