Odinsa 1Q 2025 Net Profits Skyrocket 853% Year-on-Year
Medellin-based highways, airports and water-utilities asset-manager Odinsa announced May 14 that its first quarter (1Q) 2025 net income soared by 853% year-on-year, to COP$99 billion (US$23 million), from COP$10 billion (US$2.4 million) in 1Q 2024.
Revenues also jumped 274%, to COP$131 billion (US$31 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 533%, to COP$109 billion (US$26 million), according to the company.
Explaining the dramatic improvements, Odinsa cited “two significant changes as a result of the creation of the Odinsa Infrastructure Private Equity Fund.
“The first refers to the company’s strategy and its position as an investor. Odinsa previously held the position of direct shareholder in the road and airport assets, but now it becomes an investor in a Private Equity Fund and the professional manager of the assets under management of said fund.
“The second change is the proper way to interpret the company’s accounting results after the closing of the transaction with Macquarie Assets Management (MAM), since the accounting financial statements take a backseat, and now it is the fund’s profitability or portfolio IRR [internal rate of return] that truly reflects the management of the professional manager and the performance of the assets under management.
“In conjunction with MAM — the world’s largest infrastructure asset manager — Odinsa Vías, a road infrastructure investment platform worth more than COP$1.2 trillion [US$286 million], is being consolidated.
“This platform includes the Pacífico 2, Túnel Aburrá Oriente, Autopistas del Café, and Malla Vial del Meta projects, in addition to initiatives currently being structured: Perimetral de la Sabana in Cundinamarca, Conexión Centro in the Coffee Region, and the expansion of the Túnel de Oriente in Antioquia,” all in Colombia.
As for its airport-asset operations, Odinsa and MAM hold stakes in Bogota’s El Dorado Airport as well as the Mariscal Sucre Airport in Quito, Ecuador.
Odinsa and MAM also have stakes in three pending airport-expansion projects in Colombia: the New Cartagena Airport private initiative (PI), the Flight Field PI, and the El Dorado Max PI.
As for its emerging water-utilities division, “during 2024, we announced to the market the start of structuring an additional unit focused on the water business,” Odinsa explained.
“The company believes that in this business segment there are significant opportunities for capital monetization by structuring large-scale projects at two ends of the water value chain: water desalination for primarily industrial or mining use, and, at the final stage, water treatment and reuse.
“Initially, the target markets will be Peru, Mexico, and Chile, where B2B deals will be sought, i.e., between the water treatment concession and a private company, or between this company and governments,” Odinsa added.
