Nutresa 1Q 2021 Profits Jump 20.6% Year-on-Year

Medellin-based multinational foods manufacturing and retailing giant Grupo Nutresa reported April 30 that its first quarter (1Q) 2021 net profit rose 20.6% year-on-year, to COP$233 billion (US$62 million).

Earnings before interest, taxes, depreciation and amortization (EBITDA) also rose by 5.7%, to COP$397.5 billion (US$106 million), while sales rose 6.6%, to COP$2.8 trillion (US$746 million, according to the company.

Sales in Colombia rose 7.3%, to COP$1.7 trillion (US$453 million), while international sales rose 5%, to US$306 million, according to the company.

Gross profit rose 4.9% year-on-year, to COP$1.2 trillion (US$320 million), “the result of Grupo Nutresa’s increasing revenues and the higher costs of commodities associated to international prices, as well as the depreciation of several currencies in Latin America against the dollar,” according to the company.

Financial revenues declined 21.8% year-on-year, “due to lower interest rates on our cash investments during the period,” but financial expenses dropped 24.1% “mainly due to the lower cost of debt,” the company added.