© Reuters. FILE PHOTO: The Grupo Sura logo can be seen at its headquarters in Medellin, Colombia, February 27, 2018. REUTERS/Fredy Builes/File Photo
BOGOTÁ (Reuters) – The net profit of Grupo SURA, the largest investment company in Colombia, increased 81.9% in the fourth quarter of 2022 compared to the same period of the previous year, the firm said in a statement on Tuesday night.
The company posted a net profit of 688 billion pesos ($142 million) for the period from October to December.
Total revenues for the quarter increased 37.7% to 9.1 trillion pesos largely due to good performance levels achieved by all of Suramericana’s insurance segments, the statement said.
“As a result of the diversification of the portfolio, the company was able to reflect in its results the good dynamics of the banking, food and infrastructure sectors,” he added.
Grupo SURA is made up of companies from the financial, insurance, industry, innovation and technology sectors with a presence in Argentina, Colombia, Brazil, Chile, El Salvador, Mexico, Panama, Peru, the Dominican Republic and Uruguay.
The company will seek permission from shareholders at an upcoming meeting on March 31 to carry out a buyback operation to buy up to 300 billion pesos ($62.3 million) in shares over the next three years, it said.
Grupo SURA also authorized to increase an existing quota of ordinary bonds and commercial paper by 2 trillion pesos, which could be added to an existing placement, issued in 2014, and would bring the total value to 4.3 trillion pesos.
“The authorization of the Board of Directors was granted in view of the fact that the program (issuance and placement) is close to its expiration, however, Grupo SURA does not plan to make issuances below the date,” the company reported.
($1= 4,814.11 Colombian pesos)
