Grupo Nutresa (NUTRESA) Q2 2024 earnings summary

Executive summary

• Sales for the first half of 2024 reached COP 8.77 trillion, down 8.8% year-over-year, with net profit at COP 365.9 billion, a 23.5% decrease; EBITDA was COP 1.19 trillion, nearly flat year-over-year, with a margin of 13.5%.

• Gross profit margin expanded to 42.1%, attributed to procurement and commodity hedging strategies.

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

• The company was recognized as the top food company for talent attraction and retention in Colombia in 2024.

Financial highlights

• Consolidated revenues were COP 8.77 trillion (-8.8% YoY); EBITDA was COP 1.19 trillion (13.5% margin); operating profit was COP 917.6 billion (10.5% margin), down 3.8% YoY.

• Gross profit was COP 3.7 trillion (42.1% margin), up 0.7% YoY.

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

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

• Total assets increased to COP 16.33 trillion from COP 15.69 trillion 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, cost control, and investment in growth and innovation amid challenging market conditions.

• The company is prioritizing affordability, competitiveness, and adapting to higher food taxes in Colombia.