September 25, 2023

Enka Full-Year 2020 Profits Stable, but Coltejer Losses Worsen

Medellin-based textile and plastics-recycling giant Enka Colombia announced February 10 that its full-year 2020 profits rose to COP$15.2 billion (US$4.3 million), up slightly from COP$15 billion (US$4.25 million) in full-year 2019.

Earnings before interest, taxes, depreciation and amortization (EBITDA) for full-year 2020 rose 7% year-on-year, to COP$38 billion (US$10.7 million), while EBITDA margin rose to 10.7%, from 8.9% in 2019.

“In 2020, Enka showed a solid operating performance as a result of the good performance of strategic markets, the devaluation of the peso and the active management of fixed costs and expenses, which offset the lower sales volume due to Covid-19,” according to the company.

Coltejer Losses Worsen

Meanwhile, Medellin-based textile giant Coltejer revealed in a February 4 filing with Colombia’s Superfinanciera oversight agency that its full-year 2020 net losses hit COP$94.6 billion (US$26.8 million), worse than the net loss of COP$24.9 billion (US$7 million) in 2019.

Sales also dropped to COP$74.8 billion (US$21 million), down from COP$141.9 billion (US$40 million) in 2019.

Operating loss rose to COP$67.7 billion (US$19 million), compared to an operating profit of COP$13.2 billion (US$2.7 million) in 2019, the company added.

Sales declines caused by the Covid-19 crisis are largely to blame for the poor results.

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