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Imsa's 'O-tek' Piping Division Expand Imsa's 'O-tek' Piping Division Expand Source: Grupo Imsa

Grupo Imsa Reports Profitable 3Q, Nine-Months 2022 Results

Published in Companies Written by  November 16 2022 font size decrease font size increase font size 0
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Medellin-based multinational Grupo Imsa – a spinoff last November from Medellin-based paints, chemicals and hardware multinational Grupo Orbis (the latter now part of global chemicals giant AkzoNobel) – on November 15 announced a third quarter (3Q) 2022 net profit of COP$13.7 billion (US$2.77 million).

Nine-months 2022 net profits likewise have soared by 165% year-on-year, hitting COP$27 billion (US$5.46 million), according to Imsa, a company that -- as a stand-alone -- is barely one-year old.

Grupo Imsa produces industrial tubing and posts (O-tek division), food additives (Addimentum) composite materials (Novascott, Novapol and Novaforma), cleaning/disinfectant products (MCM), and also develops commercial real-estate projects in Colombia. Imsa has eight production facilities in four nations: Colombia, Brazil, Mexico and Argentina.

According to the company, nine-months 2022 sales are up 39% year-on-year, to COP$$568 billion (US$115 million).

As for 3Q 2022, gross margin stood at 26.4%, up from 22.9% in 2Q 2022.

“The chemical business in Brazil [so far this year] has reached sales of COP$219.8 billion [US$44.5 million], 16.3% more than the accumulated figure for the third quarter of 2021, driven by a greater dynamism in the market and an improvement in the positioning of clients in the wind, swimming pools and industrial sectors,” according to Imsa.

Meanwhile, the “Addimentum” food additives businesses in Mexico and Colombia ended the third quarter with sales of COP$67 billion (US$13.6 million), up 26.3%, “mainly generated by the commercial consolidation in the local economies and in the international [export] markets, along with diversification of its portfolio and its client base,” according to the company.

As for the “O-tek” division – Imsa's pipes-and-poles businesses in Argentina, Mexico and Colombia – nine-months 2022 sales have jumped 88.2% year-on-year, to COP$221 billion (US$44.7 million), according to the company.

As for its “MCM” division -- specializing in home, vehicle and industrial products – sales are up 22.7% so far this year, to COP$66 billion (US$13 million), according to the company.

Grupo Imsa “continues without financial debt and its total liabilities only represent 3% of total assets, while this indicator as of December 2021 was 1.8%,” the company added.

Similarly, “current assets of COP$171.7 billion [US$35 million] exceed current liabilities by 10.5-times, maintaining a favorable liquidity situation,” according to the company.

“The main variations of the statement of financial position compared to December 2021 correspond to the increase in investments in subsidiaries that went from COP$194.9 billion [US$39 million, in 2021] to COP$259.3 billion [US$52.5 million, in 2022],” the company added.

Read 265 times Last modified on Last modified on November 16 2022

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