Odinsa 2Q 2024 Net Income Plummets 82% Year-on-Year
Medellin-based airports and highways concessionaire Odinsa announced August 12 an 82% plunge in second quarter (2Q) 2024 net income, to COP$45.6 billion (US$11.3 million), from COP$261 billion (US$65 million) in 2Q 2023.
Despite the profits dip, revenues actually rose 20% year-on-year, to COP$96 billion (US$24 million).
On the other hand, 2Q 2024 earnings before interest, taxes, depreciation and amortization (EBITDA) fell 80% year-on-year, to COP$59.8 billion (US$14.9 million), according to the company.
“Odinsa’s financial results [for 2Q 2024] are not comparable with the same period in 2023, due to the signing of two alliances with Macquarie Asset Management and the launch of two investment platforms in road and airport infrastructure,” the company explained.
“The first platform, Odinsa Vías, began operations in June 2022 and the second platform, Odinsa Aeropuertos, began operations in June 2023.
“The launch of both platforms implies, in accounting terms, a deconsolidation of the assets (road and airport concessions) that are currently in these two platforms.
“Thus, the company delivered results consolidating all assets until June 2022. From that date, the road assets ceased to be consolidated and, subsequently, from June 2023, the airport assets ceased to be consolidated.
“Today, Odinsa’s results only show the consolidation of the assets that are outside these companies and 50% of the net profit of the platforms.
“In summary, the effect is only accounting because it is no longer possible to consolidate the assets, but Odinsa continues to be the manager of a complete portfolio that presents positive results so far in 2024,” the company added.
