September 30, 2023

Grupo Orbis 1H 2022 Net Profit Dips Year-on-Year

Medellin-based paints, chemicals and hardware multinational Grupo Orbis – now a division of Netherlands-based AkzoNobel – on August 12 reported a first-half (1H) 2022 net profit of COP$19.3 billion (US$4.6 million), down from COP$22.9 billion (US$5.5 million) in 1H 2021.

Gross income was basically flat year-on-year, at COP$897 billion (US$215 million), according to earlier-published company statistics from 2021.

The Pintuco paints division reported a 28% year-on-year growth in sales, at COP$556 billion (US$133 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 35%, to COP$53 billion (US$12.7 million).

The “Mundial” home-and-garden division saw sales rise 17%, to COP$89 billion (US$21 million), while EBITDA grew 13%, to COP$1.5 billion (US$360,000), according to the company.

Meanwhile, the “Andercol” (Colombia) and “Poliquim” (Ecuador) chemicals division saw peso-denominated sales rise 54% year-on-year, to COP$340 billion (US$81.6 million) thanks to price increases. However, “increases in the prices of raw materials have not been fully transferred to the market — in order to maintain competitiveness of our products — slightly affecting gross profit,” according to Orbis.

“A strict control of expenses allows a good operating performance, obtaining an EBITDA of COP$24.6 billion [US$5.9 million], 80% more than the previous year,” while chemicals-division net profits rose 21% year-on-year, to COP$12 billion, (US$2.88 million) the company added.

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