Grupo Nutresa (NUTRESA) Q2 2024 earnings summary

Executive summary

• Operating revenue for the first half of 2024 was $8.77 trillion COP, down 8.8% year-over-year, with net profit attributable to controlling interest at $365.9 billion COP, a 23.5% decrease compared to the same period in 2023.

• EBITDA for the first half reached $1.19 trillion COP, nearly flat year-over-year, while operating profit declined 3.8% to $917.6 billion COP.

• Total comprehensive income for the period was $598.2 billion COP, a significant improvement from a loss of $344.1 billion COP in the prior year, mainly due to positive exchange differences on translation of foreign operations.

Financial highlights

• Gross profit for the first half was $3.69 trillion COP, stable year-over-year despite lower revenues.

• Operating expenses remained controlled, with administrative and sales expenses showing minimal change compared to 2023.

• Net cash flow from operating activities was $565.5 billion COP, down from $619.6 billion COP in the prior year.

• Cash and cash equivalents at June 30, 2024, were $802.6 billion COP, down from $1.07 trillion COP at year-end 2023.

• Total assets increased to $16.33 trillion COP from $15.69 trillion COP at December 2023.

Outlook and guidance

• No ordinary dividends were declared for April 2024–March 2025; all net profit will be allocated to reserves.

• Management expects continued focus on operational efficiency and cost control amid challenging market conditions.