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Colombia’s Grupo SURA hits Q4 net profit as COVID-19 pandemic eases -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Grupo Sura logo can be seen in Medellin (Colombia), May 30, 2019. REUTERS/Luisa Gonzalez

(Corrects net profit number)

BOGOTA, (Reuters) – Grupo SURA’s biggest investment firm in Colombia, had a net profit of 406.7 billion pesos ($103m) this year, up from 61.3 billion. This was due to the improvement of the business and a less severe impact by the COVID-19 pandemic.

It posted a net profit of 1.5 trillion pesos per year, an increase from 336 billion in 2020.

The quarter’s total revenue was 23.8% higher at 6.59 trillion pesos.

Grupo SURA has a presence in eleven countries, through its participation in investment, financial services, food and cement as well.

Bancolombia (NYSE) and Grupo Nutresa are important investments.

A second bid to acquire the company by the Gilinski Group, currently underway, seeks between 5.5% and 6.25 percent of all outstanding common shares. The price is $9.88/share, which would enable it become the largest shareholder.

Grupo SURA predicts that 2022 will see a 10% to 15% increase in its net income.

Grupo SuRA further reported that the company will present to ordinary shareholders a 784 peso dividend per share. That is equal to a growth rate of 30%.

(1 dollar = $3,940.20 Colombian pesos)

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