Fabricato Posts Full-Year 2021 Net Profit, Reversing 2020 Losses
Medellin-based textile giant Fabricato announced February 23 a full-year, corporate-wide 2021 net profit of COP$16.5 billion (US$4.2 million) — a big improvement over the 2020 net loss of COP$82.4 billion (US$21 million).
“Textile revenues in 2021 increased by 52% compared to 2020,” according to the company, while textile gross margins jumped a full 10 percentage points, to 18%, from 8% in 2020.
Textile operating profits in 2021 rose by COP$51 billion (US$13 million) year-on-year, to COP$73 billion (US$18.5 million), the company added.
The textile operation by itself generated a net profit of COP$18.3 billion (US$4.6 million) in 2021, versus a net loss of COP$19.7 billion (US$5 million) in 2020.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to COP$51.6 billion (US$13 million), from COP$9.8 billion (US$2.5 million) in 2020.
As for Fabricato’s real-estate segment, net income was essentially flat, at COP$8.9 billion (US$2.2 million), while 2021 operating income rose 23% versus 2020.
As for financial operations, Fabricato posted a net finance profit of COP$20.3 billion (US$5.1 million) in 2021 versus a net loss of COP$16.9 billion (US$4.3 million) in 2020.
Meanwhile, Fabricato reports a continuation of positive trends in January 2022, with textile sales up 64% year-on-year and textile margins up 8 percentage points, to 21%.
What’s more, “we exceeded the textile EBITDA expectation by COP$4.99 billion [US$1.27 million], as in January 2021 it was COP$2.3 billion [US$585,000] while in January 2022 it was COP$7.3 billion [US$1.8 million],” according to the company.
