Grupo Excala Post 1Q 2024 Net Loss
Medellin-based multinational specialty-fibers and packaging producer Grupo Excala/Compañia de Empaques announced May 14 a net loss of COP$918 million (US$240,000) for first quarter (1Q) 2024.
The loss was blamed on a COP$9.08 billion (US$2.37 million) deterioration in the value of Excala’s investment in agroindustrial production of fique fiber.
Excala meanwhile reported a 3.6% year-on-year dip in 1Q 2024 revenues, to COP$99.7 billion (US$26 million).
Earnings before interest, taxes, depreciation and amortization (EBITDA) for 1Q 2024 actually rose 7.3% year-on–year, to COP$15.18 billion (US$3.9 million), up from COP$14.15 billion (US$3.7 million) in 1Q 2023, according to the company.
“In spite of the challenges that could impact net income, the strategic direction of the company is supported by a solid EBITDA and favorable margins,” according to Excala.
Excala specializes in production and sale of bags and packages derived from natural fibers (Cabuya and La Pita) as well as various synthetic, metallic and non-metallic fibers.
Its principal subsidiaries include Texcomercial (Colombia), Texcomercial (Ecuador), Compañia de Empaques (Colombia)) and Exc Packaging SA (Mexico).
