Nutresa 2Q 2020 Net Profit Rises 8% Year-on-Year

Medellin-based multinational foods manufacturing giant Grupo Nutresa on July 31 reported an 8% year-on-year rise in second quarter (2Q) 2020 profits, hitting COP$140 billion (US$37.5 million).

Gross revenues in the latest quarter rose 9%, to COP$2.66 trillion (US$713 million), versus COP$2.4 trillion (US$643 million) in 2Q 2019.

As for first-half (1H) 2020, Nutresa net profits rose 6.2% year-on-year, to COP$331 billion (US$89 million).

Earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 15%, to COP$746 billion (US$200 million), while EBITDA margin came-in at 14%.

“During the first half of the year, Grupo Nutresa’s consolidated sales reached COP$5.3 trillion (US$1.42 billion), 14.6% higher than the sales reported for the same period of the previous year.
Organic growth reached 9.4%,” according to the company.

“Sales in Colombia totaled COP$3.2 trillion (US$857 million), with an increase of 8,4%. Organic growth in Colombia reached 5.3%.

“International sales increased to US$586 million, 7.7% higher than those reported in last year’s first half. In Colombian peso terms, such growth is equivalent to 24.9%. International organic growth was 0.4% in U.S. dollars and 16.4% in COP,” according to the company.

Excluding the acquisitions of Cameron’s Coffee in the United States and Atlantic Food Service in Colombia, Grupo Nutresa’s coporate-wide organic sales grew by 9.4%.

Financial revenue grew 36.4% “mainly due to Grupo Nutresa’s cash position over the term. In the context of financial expenses, the company reports a 5.1% growth as a result of an increased debt to finance the acquisition of Cameron’s Coffee in 2019,” according to the company.