Colombina reports revenues of $748 billion in the first quarter of 2024 – 2024-05-14 08:44:09

Colombina, one of the main players in the food industry in Colombia, revealed its financial results for the first quarter of 2024, highlighting consolidated net income for a total of $748,846 million. Although this figure represented a decrease of 11% compared to the same period last year, the company continues to navigate a challenging environment marked by economic uncertainty.

The domestic market was responsible for the majority of sales, contributing $434,786 million, while foreign sales amounted to US$81 million, showing an increase of 4%. However, the revaluation of the Colombian peso against the dollar negatively impacted external sales, decreasing 14% year-on-year.

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In terms of profitability, Colombina managed to generate an EBITDA of $101,381 million, which resulted in an improvement in the EBITDA/sales margin, going from 12.6% to 13.5%. Despite the challenges, the company’s net income reached $22,508 million.

“The first months of 2024 have been difficult for industry and commerce, reflecting the uncertainty experienced both nationally and regionally,” the company stated. This uncertainty has impacted demand in several product categories, contributing to the decline in revenue.

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However, Colombina remains optimistic despite the challenges. Citing projections from the Bank of the Republic that indicate a slowdown in the CPI for the current year, along with an improvement in the 2024 GDP, the company expects a more stable outlook in the near future. However, they acknowledge that the uncertain environment may continue to impact investments, an area that experienced poor performance over the past year.

With a combination of caution and optimism, Colombina continues to adapt to a changing landscape as it seeks to maintain its position in the market and generate value for its shareholders in the rest of the year.