Overview of Grupo SURA’s Financial Performance
Grupo SURA, a Colombian investment holding company, reported an 89.4% drop in net income for the first quarter of this year, totaling 518,957 million Colombian pesos (approximately $123.7 million USD). This decline is attributed to non-recurring income in 2024 compared to the same period last year.
Key Financial Figures
- Net income for Q1 2024: 518,957 million Colombian pesos (approx. $123.7 million USD)
- Net income for Q1 2023 (adjusted): 591,162 million Colombian pesos
- Interannual increase in total revenue: 4.8%
- Total revenue for Q1 2024: Over 7 trillion Colombian pesos (approx. $1,669.7 million USD)
Impact of Nutresa Sale and Tax Payment
In the previous year, Grupo SURA generated a significant net income of over 4 trillion Colombian pesos from the sale of its stake in Nutresa. The company also paid a tax on profits amounting to 363,241 million Colombian pesos.
Restructuring of Grupo SURA and Grupo Argos
Grupo SURA and Grupo Argos announced plans to reorganize their shareholding structure, aiming to become independent entities. This move will end a 46-year cross-shareholding arrangement to attract more capital and investors. The separation is expected to be completed by the end of 2025 or early 2026.
Grupo Empresarial Antioqueño (GEA)
Both Grupo SURA and Grupo Argos are part of the informal “Grupo Empresarial Antioqueño” (GEA), a conglomerate of over a hundred companies from various sectors. These businesses operate under a complex shareholding arrangement, with most of them being interconnected through shareholdings.
Key Questions and Answers
- What caused the drop in Grupo SURA’s net income? The decline is primarily due to non-recurring income in 2024 compared to the same period last year.
- What was the net income for Q1 2024? Grupo SURA’s net income for the first quarter of 2024 was 518,957 million Colombian pesos (approximately $123.7 million USD).
- What is the total revenue for Q1 2024? Grupo SURA’s total revenue for the first quarter of 2024 was over 7 trillion Colombian pesos (approximately $1,669.7 million USD).
- Why are Grupo SURA and Grupo Argos restructuring? The companies aim to become independent entities to attract more capital and investors, ending a 46-year cross-shareholding arrangement.
- What is the Grupo Empresarial Antioqueño (GEA)? GEA is an informal conglomerate of over a hundred companies from various sectors operating under a complex shareholding arrangement, with most businesses interconnected through shareholdings.
