Nutresa Full-Year 2022 Net Profit Jumps 30% Year-on-Year

Medellin-based multinational foods giant Grupo Nutresa announced February 23 that its full-year 2022 net profit rose 30.4% year-on-year, to COP$883 billion (US$182 million).

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 28.6%, to COP$1.97 trillion (US$405 million), while EBITDA margin came-in at 11.6% of sales.

Net post-operative expenses, at COP$245 billion (US$50 million) “reflected the increasing cost of debt due to higher financing rates,” according to Nutresa.

Consolidated revenues rose 33.8%, to COP$17 trillion (US$3.5 billion), the company added.

In Colombia, revenues rose 29.9%, to COP$10.1 trillion (US$2.08 billion), “based on positive dynamics across all channels and in the main categories where the company participates,” with Colombia representing 59.3% of total corporate revenues.

International sales as measured in Colombian pesos rose 39.7% year-on-year, totaling COP$6.9 trillion (US$1.4 billion), whereas sales measured in U.S. dollars rose 22.5% year-on-year, to US$1.6 billion, according to Nutresa.

“Exports from Colombia totaled US$445 million, which represented a growth rate of 33.9%,” according to the company.

While costs rose because of “global logistics disruptions and the increase in commodities costs,|” the company employed effective offsets with ”strategic hedging and timely and efficient sourcing strategies,” according to Nutresa.

“These actions resulted in a 21.7% growth rate in terms of gross profit, for a total of COP$6.2 trillion [US$1.27 billion],” the company added.

“All the expense categories grew at a lower rate than the revenues, which as a result resulted in an operating profit of COP$1.5 trillion [US$208 million], a 36.3% growth compared to the previous year,” according to Nutresa.