Quiñenco (QUINENCO) Q4 2024 earnings summary

Executive summary

• Net income for 2024 was Ch$664,231 million, down 21.1% year-over-year, mainly due to non-recurring gains in 2023 from asset sales not repeated in 2024.

• Operating companies showed mixed performance: CSAV, CCU, Nexans, and SM SAAM improved, while Enex and Banco de Chile saw declines.

• 4Q 2024 net income rose to Ch$272,383 million, more than doubling from 4Q 2023, driven by strong transport segment results and a gain from the sale of Nexans shares.

Financial highlights

• Consolidated revenues for 2024 reached Ch$5,391,862 million, up 2.6% from 2023, led by SM SAAM and Enex.

• Operating income for 2024 was Ch$156,437 million, down 16.3% year-over-year, mainly due to lower results at Enex and reduced non-recurring gains.

• EBITDA for 2024 increased 25.6% to Ch$253,036 million, primarily from higher EBITDA at SM SAAM.

• Earnings per share for 2024 were Ch$399.48.

Outlook and guidance

• The company remains a reference shareholder in Nexans after reducing its stake to 14.2% and continues to support its electrification strategy.

• Interim dividend of approximately US$200 million was distributed in December 2024.