Odinsa 1Q 2024 Net Income Dips 5% Year-on-Year
Medellin-based highways/airport concessionaire Odinsa – a concessions division of Grupo Argos and in a “strategic alliance” with Australia-based global infrastructure giant Macquarie Infrastructure and Real Assets (MIRA) — announced May 13 a first quarter (1Q) 2024 net profit of COP$10.4 billion (US$2.7 million), a 5% decline from COP$10.95 billion (US$2.8 million) in 1Q 2023.
Revenues also dipped 11.9% year-on-year, to COP$34.9 billion (US$9 million), but earnings before interest, taxes, depreciation and amortization (EBITDA) rose 4.3% year-on-year, to COP$17 billion (US$4.4 million), according to the company.
“During the first quarter of 2024, road concessions reported a total traffic of 9.7 million vehicles versus the 9.6 million vehicles reported in the first quarter of 2023, a variation of +1% year-on-year,” the company noted.
“For airport concessions, the increase was 20% year-on-year, going from 10.4 million passengers in the first quarter of 2023 to 12.5 million passengers in the first quarter 2024, where Opain [Bogota airport] behavior stands out with a 25% increase in domestic passengers and 17% in international passengers.”
“Road concessions present significant growth in their income, reaching a total of COP$325 billion [US$84 million] during the first quarter of this year – up 22% year-on-year — marked by the income from the Túnel Aburrá Oriente [connecting Medellin to/from the international airport at Rionegro], Autopistas del Café, Green Corridor, and from the construction income of the Malla Vial del Meta concession.
“In the airport segment, it is worth highlighting the increase in revenue, EBITDA and net profit of Quiport [Quito, Ecuador’s international airport], with net profit closing at US$16.5 million, up 35% year-on-year,” the company added.
