Grupo Nutresa 2Q 2021 Profits Almost Unchanged Year-on-Year; 1H Profits Rise 11%
Medellin-based multinational foods manufacturer and retailer Grupo Nutresa announced July 30 that its second-quarter (2Q) 2021 net income was essentially flat year-on-year, at COP$140.6 billion (US$36.3 million), versus COP$139.9 billion (US$36 million) in 2Q 2020.
Operating revenues for 2Q 2021 rose to COP$2.9 trillion (US$748 million), up from COP$2.66 trillion (US$686 million) in 2Q 2020.
As for first-half (1H) 2021, consolidated net profit rose 11.5% year-on-year, to COP$357 billion (US$92 million), from COP$331 billion (US$85 million) in 1H 2020, according to the company.
Sales in 1H 2021 rose 8.5% year-on-year, while earnings before interest, taxes, depreciation and amortization (EBITDA) rose just 0.4% year-on-year, to COP$749 billion (US$193 million).
“Grupo Nutresa’s revenues in Colombia maintain a positive trend, amounting to COP$3.5 trillion [US$903 million], which represent 60.8% of the total sales, with 11.2% growth rate in relation to the same period in 2020,” according to the company.
“International sales, which totaled to US$625 million, were 6.6% higher than in 2020’s first half and represent 3.2% of the total sales. When stated in Colombian pesos, these sales are equivalent to COP$2.3 trillion, representing a 4.5% growth,” the company added.
Gross margin dipped 1% year-on year “mainly due to the increase in the cost of some raw materials associated with the global commodities super-cycle,” according to the company.
Operating profit rose 0.8% year-on-year, “considering a 7.7% increase in operating expenses, which include expenses associated with biosecurity and cleaning measures, an increase in non-recurring logistics expenses, and a higher investment in our brands at the points of sale,” according to Nutresa.
As for its Covid-19 response, “as of July 30, 65.9% of Grupo Nutresa’s Colombian employees had already initiated the vaccination process,” the company added.
Grupo Nutresa’s various business segments include production and sale of processed meats; cookies and crackers; chocolates; cold drinks; pastas; coffees; edible oils; juices; soups; desserts; teas and coffees; ice creams; fast foods and pet foods.
