September 24, 2023
Business Companies

IMSA 2Q 2023 Net Profits Soar Year-on-Year

Medellin-based food additives, chemical-composites and consumer/industrial products maker Grupo IMSA announced August 14 that its second quarter (2Q) 2023 profits hit COP$47 billion (US$11.4 million), up from COP$2.3 billion (US$560,000) in 2Q 2022.

Revenues also rose, to COP$254 billion (US$62 million), versus COP$180 billion (US$44 million) in 2Q 2022, according to IMSA.

Subsequent to the 2Q 2023 financial reporting close, IMSA announced that it has now finalized the sale of 100% of its shareholdings in industrial-piping manufacturer O-tek Internacional S.A.S., including “all business operations in Colombia and Mexico, as well as 25.1% of the shares from O-tek Argentina.”

Prior to the O-tek group sales, IMSA had seen revenues from those operations jumping 99% year-on-year, hitting COP $253 billion (US$61 million).

Meanwhile during 2Q 2023, Grupo IMSA signed a deal to sell 100% of its shares in Mexico-based food-additives maker Neotrimental to several affiliates of Mexichem Compuestos.

As for first half (1H) 2023 results, IMSA’s “MCM” home-, vehicle- and industrial-products supplier delivered a 19% year-on-year sales boost, hitting COP$48 billion (US$11.7 million).

As for its “Addimentum” food-additives business in Colombia, 1H 2023 sales reached COP$8.5 billion (US$2 million). This division “continues to mark a path of expansion of commercial offers in the local Colombia market, in Brazil and the southern cone,” according to IMSA.

As for its chemical business in Brazil, sales fell 13% year-on-year, to COP$117 billion (US$28.5 million), “due to the downward trend in average market prices and the decision to reconfigure the portfolio, targeting more valued markets,” according to IMSA.

Corporate-wide, IMSA gross margin so far this year has hit 40%, up from 23% in 1H 2022, according to the company.

As a result, for all of 1H 2023, IMSA has realized a net profit of COP$65 billion (US$15.8 million), up sharply from COP$13 billion (US$3.1 million) in 1H 2022, the company added.

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