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Grupo Orbis Financials Improving Grupo Orbis Financials Improving Source: Grupo Orbis

Grupo Orbis 1Q 2022 Net Income Jumps 30% Year-on-Year

Published in Companies Written by  May 24 2022 font size decrease font size increase font size 0
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Medellin-based paints, chemicals and hardware giant Grupo Orbis – which last month finally became 100% owned by Amsterdam-based Akzo Nobel – announced May 13 that its first quarter (1Q) 2022 net income rose 30%, to COP$7.6 billion (US$1.9 million).

“Grupo Orbis companies start the year with positive results that integrate the efforts in our commercial strategy, including mitigation of the impact of increases in costs of raw materials and transportation, efficient management of expenses, sufficient liquidity and working capital and the generation of value for our shareholders,” according to the Orbis filing with Colombia’s Superfinanciera oversight agency.

Sales during 1Q 2022 rose 41% year-on-year, to COP$445.7 billion (US$112 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 30%, to COP$33.5 billion (US$8.4 million).

The “Pintuco” paints division saw sales jump 27% year-on-year, to COP$272.5 billion (US$68.7 million), while EBITDA rose 14%, to COP$23.2 billion (US$5.8 million),

The “Mundial” home-and-garden-supply division sales grew 16%, to COP$45.3 billion (US$11.4 million), while EBITDA also rose 16%, to COP$769 million (US$194,000), both growing by 16%.

As for its chemicals divisions -- “Andercol” in Colombia and “Poliquim” in Ecuador -- sales rose 66% year-on-year, to COP$170.8 billion (US$43 million), while EBITDA soared by 146%, to COP$14.2 billion (US$3.6 million), according to the company.

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