Medellin’s Odinsa Posts 49% Hike in 2016 EBITDA Year-on-Year
Medellin-based highway, airport and power-plant infrastructure concessionaire Odinsa announced February 27 that its full-year 2016 earnings before interest, taxes, depreciation and amortization (EBITDA) rose 49% year-on-year, to COP$1.06 trillion (US$367 million).
Full-year 2016 revenues hit COP$1.48 trillion (US$512 million), up 65% year-on-year, according to the company.
Non-recurring income totaled COP$754 billion (US$260 million) “due to the appreciation of investments in the companies in which the participation in 2016 was increased: Autopistas del Nordeste and Boulevard Turístico del Atlántico (in the Dominican Republic), and La Pintada,” the latter being a major highway construction project in southwest Antioquia, Colombia, the company noted.
“Odinsa has a defined investment focus in road and airport infrastructure that has allowed it to strengthen the portfolio by purifying the asset base to strengthen its strategic and financial position in the long term and become one of the main regional platforms in the infrastructure business,” the company added.
The 94-kilometers-long La Pintada project includes bridges, a two-level highway exchange, two tunnels and maintenance of a stretch of roadway. The project connects supply and production centers in the departments of Magdalena, Atlántico, Bolívar, Córdoba, Sucre and Antioquia with the coffee region, Valle del Cauca and the Colombian Pacific.
“We closed 2016 with outstanding results in all aspects. The financial results, recurrent and extraordinary, showed us that the approach and the strategy defined are paying off,” added Odinsa president Mauricio Ossa.
