At least a sigh of relief breathed the paisa businessmen following know the figures of their companies in the first semester. It is that facing a context of skyrocketing inflation, an expensive dollar and electoral uncertainty is not easy, and much less is it to report an increase in income and even profits in the midst of that storm.
As analysts explain, the main companies in Antioquia benefited from a consumer who continues to buy despite the fact that in most cases the prices of goods and services rose. In the absence of one or another to deliver their notes, in general the first half of the year left a winning balance for the department’s companies.
Among those who Grupo Éxito got up early to report the results. As of June, its revenues reached COP 9.31 billion and that meant a growth of 24% compared to COP 7.51 billion in the same period of the previous year. Of course, the trend was the opposite in terms of earnings, as they went from $135,701 million to $126,803 million, a reduction of 6.6%.
The company valued the opening of the first of the six stores acquired from La 14the development of innovative formats and the evolution of sales on electronic platforms in Colombia, although he mentioned the inflationary adjustment in Argentina and higher interest rates and provisions in Tuya as negative effects on the business.
A on turn, Grupo Nutresa saw an increase in its income: from $5.77 billion to $7.61 billionwhile its profit rose from Ch$366,709 million to Ch$503,188 million, a variation of 37.2%.
The Antioquia holding of brands such as Zenú, Noel, Colcafé and Crem Helado saw double-digit growth in all the geographies in which it operates.
“In the midst of an inflationary and volatile global environment, the organization continues to manage the increase in the cost of commoditiesthrough the coverage of inputs and the administration of the main raw materials”, Nutresa pointed out.
More than 100%
Now, a case in which the figures were particularly high is Bancolombia. Revenues went from $6.37 billion to $10.22 billion –always comparing the first half of 2021 once morest that of 2022– and, together with a positive operation, resulted in profits growing 106.63%, climbing from $1.69 billion to $3.51 billion.
The financial group explained that the positive results were supported by the growth of the Colombian economythe increase in the credit portfolio and the good payment behavior of customers, a dynamic that its president, Juan Carlos Mora, also valued.
For analysts from the brokerage firm Casa de Bolsa, the balance sheets of Éxito, Nutresa and Bancolombia are “positive”. The former, they say, were in line with market expectations, the latter above and the third far above expectations.
Only see the results of the three companies allows you to get an idea of how the Colombian economy would have rounded off the first part of the year, data that will be published this Tuesday by the Dane. The economic studies center Anif, for example, anticipates that the GDP would have grown in double digits in the second quarter.
“Currently, the economy is 8.3 percentage points above the level observed in February 2020, which is the pre-pandemic reference. Both tertiary activities (12.7%) and secondary activities (5.1%) show positive growth (…)”, noted Anif.
Balance of the public
They were also part of this trend the country’s public companies, such as Grupo EPM, which obtained $15 billion in revenue, while the profit account stood at $2.1 trillion. Jorge Andrés Carrillo, general manager, highlighted that in the first half of 2022 investments reached $2 billion, of which $1.4 billion corresponded to EPM Parent Company.
Among other things, the conglomerate has benefited because both demand and rates have risen in the public services segment –just as the Dane has reflected. EPM assured that of the $1.8 billion that must be transferred to the municipality of Medellin this year, it has already disbursed $1.2 billion as of June, 28% more compared to the same time in 2021.
In the meantime, the public-private ISA, which has already completed a year under the command of Ecopetrol, reported operating income of $6.02 billion which earned him a growth of 15.6%. This was supported “mainly by the energy transmission business that obtained revenues of $808,597 million.”
Although construction activity in Colombia and Peru fell, ISA managed to compensate with a better performance in Brazil. Thus, revenues in this category rose 17.7% to reach $1.1 trillion. In addition, the Paisa company earned $1.10 billion in the semester and that exceeds the $1.09 billion in the first part of 2021.
For the Davivienda Corredores analysts, Brazil is a market that suits ISA better every timerecalling that its subsidiary ISA CTEEP recently won two of thirteen lots awarded in a public auction held by the National Electric Energy Agency (ANEEL).
The GEA moves
Among the companies of the so-called Grupo Empresarial Antioqueño (GEA), the last to report their results were the groups Argos and Surawhich they did on Friday followingnoon.
Argos Group reported revenues of COP 10.51 billion that represented a growth of 35%while net income closed at $726,046 million, which means that it rose 25%.
The company led by Jorge Mario Velásquez stated that in the energy business, revenues were obtained from a greater generation; meanwhile, on the Odinsa road concession front, 104,000 vehicles per day were closed, an increase of 28%.
Is that the good behavior of the Group was already seen in the results reported by Cementos Argos and Celsia, particularly. The former reported a record second quarter with revenue of $2.9 billion (and $5.42 billion for the half), while the latter saw $2.51 billion from January to June.
Casa de Bolsa’s vision is that Celsia’s results were positive, while those of Cemargos, negative. This last perspective is argued that profits fell 96.7% in the second quarter and 87.6% in the semester, “mainly due to higher financial expenses.”
A on turn, the holding company and investment manager Grupo Sura revealed to the market that it obtained revenues of $14.43 billion and profits in the order of $1.04 trillion, both items growing 24% and 55.3%, respectively.
Sura stressed that second quarter revenues in particular ($7.52 billion) they were the highest in its history for a period of this kind, which was explained by a positive commercial dynamic in the insurance business.
Thus Antioquian companies did their homework in the first semester and it remains to be seen how business will continue for the rest of the year, with the change of government and a tax reform on which the private sector has a magnifying glass. In the meantime, you can compare the results of one and the other, cut to June (see Infographic).
