October 2, 2023

Nutresa 2Q 2022 Net Profit Jumps 53% Year-on-Year

Medellin-based multinational foods giant Grupo Nutresa announced July 29 that its second quarter (2Q) 2022 net profit rose 53% year-on-year, to COP$214 billion (US$50 million).

Revenues also rose 36% year-on-year, to COP$4 trillion (US$935 million), according to the company.

So far this year, first-half (1H) net income is up 38%, at COP$515 billion (US$120 million), while 1H earnings before interest, taxes, depreciation and amortization (EBITDA) is up 27%, to COP$950 billion (US$222 million), with a 12.5% EBITDA margin, according to Nutresa.

“All of the geographies where the organization operates report double-digit growth rates,” according to Nutresa.

“Colombian sales amount to COP$4.6 trillion [US$1.07 billion], which represents 61.1% of the total sales, with a 32.5% growth rate.

“International sales totaled COP$3.0 trillion [US$701 million], with a 30.6% growth.

“In the middle of an inflationary and volatile global setting, Grupo Nutresa continues to manage the commodities increase through hedging and an optimal administration of its main raw materials.

“Operating expenses grew 14.4%, entailing efficiencies for the company and growing at a lower rate than sales. Consequently, the operating profit amounted to COP$729 billion [US$170 million], which represents a 34.7% growth compared to the corresponding term in 2021.

Meanwhile, financial expenses rose 47.9% year-on-year, “mainly due to the increase in the interest rates in the territories where Grupo Nutresa operates,” according to the company.

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