IMSA Posts Net Loss for 3Q 2024, but Nine-Months 2024 Results Improve

Medellin-based multinational chemicals, food additives and consumer-products giant Grupo IMSA reported a COP$6.5 billion (US$1.46 million) net loss for third quarter (3Q) 2024, down from a COP$16 billion (US$3.6 million) net profit in 3Q 2023.

However, for the first nine months of 2024 (January through September), net profits from continuing operations have more-than-tripled year-on-year, hitting COP$89 billion (US$20 million), from COP$25 billion (US$5.6 million) for nine-months 2023.

Revenues for 3Q 2024 dipped to COP$90 billion (US$20 million), down from COP$101 billion (US$22.7 million) in 3Q 2023. But nine-months revenues are flat year-on-year, at COP$280 billion (US$63 million) in both nine-months 2024 and 2023.

Earnings before interest, taxes, depreciation and amortization (EBITDA) for nine-months 2024 is up 30% year-on-year, to COP$16 billion (US$3.6 million), the company added.

“Excluding the divested companies to make the comparable analysis, gross profit [for nine-monrths 2024] ended at COP$70 billion [US$15.8 million], increasing by 14%, with a gross margin that stands at 25% compared to 21.6% in the same period of the previous year,” the company explained..

At the end of 3Q 2024, “the Group maintains its negative net financial debt, that is, with higher levels of cash and temporary investments than financial debt, totaling COP$190 billion [US$43 million], with total liabilities representing 18% of our total assets, compared to 25% in this same month of 2023,” according to IMSA.

Of the total nine-months 2024 sales, “48% corresponds to the composite materials and polyester business unit in Brazil, 33% to [consumer products vendor] MCM, and 5% to [food additves maker] Addimentum,” with the remainder coming from real-estate investments, according to the company.