Orbis Posts Year-on-Year Profits Recovery in 3Q 2019
Medellin-based multinational Grupo Orbis – producer of “Pintuco” paints, “Otek” water-handling systems and numerous chemical products – on November 14 posted a COP$10 billion (US$2.9 million) net profit, a big reversal from the COP$8 billion (US$2.3 million) net loss in 3Q 2018.
Gross revenues rose 6.3% year-on-year, to COP$1.08 trillion (US$315 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 125%, to COP$87.7 billion (US$25.6 million).
These positive results are mainly due to a 9% jump in paint sales and a 71% jump in paints-division EBITDA — spurred by architectural-sector demand along with general repainting demand in Colombia, according to the company.
Meanwhile, the Orbis chemicals division is benefitting from efficiencies resulting from the recent transfer of production to its Cartagena, Colombia facilities.
The company also credited better financial results from its affiliates in Brazil, Argentina and Central America.
Meanwhile, corporate financial obligations — net of cash and short-term investments — declined year-on-year, to 2.9-times, versus 4.2-times, the company added.