Saturday , October 23 2021

Tecnoglass reported a net profit of USD 66.3 million


Guided by the strengthening of its operations in the US market, Tecnoglass's revenues in the third quarter of this year reached a record high of USD 97.0 million, an increase of 16% compared to the same period of the year. past

Barranquilla has reached a record level income for the sixth time in a row.

Revenues in the United States amounted to USD 82.2 million, an increase of 20.7% compared to USD 68.1 million recorded in the same quarter of 2017.

The company achieved higher turnover in the US housing sector due to healthy and continuous activity in the field of commercial construction. In addition, it had a larger market share and a slight price improvement.

Income in Colombia amounted to USD 12.1 million, most of which were long-term contracts,

The company that announced that the net profit in the period from August to September this year. It amounted to USD 66.3 million, or USD 0.16 per diluted share, including non-monetary loss due to exchange rate differences.

The adjusted net profit, on the other hand, was USD 9.3 million, or USD 0.24 per diluted share, excluding non-cash losses due to exchange differences and one-off costs. Adjusted EBITDA increased by 29% and amounted to USD 22.8 million.

One of the most important features of the company is the strategic alliance signed with Schüco USA LLLP, thanks to which Tecnoglass can produce and sell Schüco architectural systems in North America and Latin America.

"Commercial activity in the US remains favorable, especially for impact-resistant windows in coastal states and energy-saving architectural systems," said Christian Daes, the company's operations director.

He pointed out that in recent years the company has invested a lot in innovation and development to be one step ahead of the changing trends, which allowed them to gain market share in the US market.

"Our recent collaboration with Schüco is another positive step that has given us a new global customer while equipping us with a new set of state-of-the-art production and sales products through existing distribution networks. These first-rate catalysts are supported by more favorable price conditions in the US as a result inflation of production costs and labor costs for producers based in this country "- added the entrepreneur.

At the same time, José Manuel Daes, President of Tecnoglass, assured that the results are a result of consolidation of the vertically integrated model, its efficient production capacity and the ability to penetrate the US market.

Source link