Luksic's richest group: Quiñenco profits up 135%

Quiñenco recorded a net profit of $ 153,832 million in the first nine months of 2018, a figure that is up 135% over the same period in 2017.

This is explained, according to the consortium founded by Andrónico Luksić Abaroa, mainly due to the takeover of CSAV and the non-recurring profit obtained by CCU after the transaction anticipating the termination of its Budweiser license in Argentina.

Relevant Factors

First, the South American Steam Company (CSAV) reversed the 2017 Accounting Loss due to its dilution in Hapag-Lloyd after its merger with United Arab Shipping Company (UASC). In September of this year, the German shipping company announced positive results, thanks to its good operational performance in a context of difficult conditions in the container ship sector.

In the profits of Quiñenco in the third quarter of 2018, growth was also important. CCU benefits. This is largely due to the $ 153,496 million non-recurring earnings announced by this company for the transaction terminating the Budweiser license in Argentina, but it should also be noted that the Chile and International Trade segments performed well. , the latter with a 25% increase in volumes

For its part, Banco de Chile posted a profit of 433,350 million dollars, maintaining a level similar to that of the previous period. The bank's operating income growth of 7%, driven by both customer-related and favorable inflationary effects over the period, was offset by higher expense and risk provisions. mainly non-recurring loans. It is important to note that the bank's net profit will enable it to prepay 100% of the subordinated debt with the Central Bank maintained by SM Chile. The payment of the last tax should be made before the end of the month of April 2019, 17 years before the expiry of the initial period to terminate this obligation.

In the case of SM SAAM, the non-recurring profit recorded last year through the sale of its stake. minority of Tramarsa, explains that the subsidiary's contribution to the results of the holding company will decrease by 38% in 2018. However, as far as continued operation is concerned, the port terminal segment performed well, with increased activity in the majority of countries. them, while the Logistics sector shows a recovery, especially in the third quarter.

In the energy sector, Enex achieved good operating profit, with EBITDA up 11%, based on increasing sales volumes and better margins. in the circuit of service stations and lubricants, in addition to the favorable effect of the sale of inventories valued at historical cost, in a context of rising bone prices. Thus, the net profit increased by 13%.

Last week, Enex achieved an important milestone in Quienenco's internationalization strategy in the US market by acquiring a network of 38 Sign Road Rangers, located on the main roads connecting the US state of California. Texas in the Midwest. The transaction, which reached 289 million US dollars, offers interesting growth potential.

The inauguration of an Invexans subsidiary in London, Invexans Limited, also aimed to draw attention to new business opportunities. investments of the parent company, particularly in Europe and other countries. Invexans recently announced it has transferred to this UK-based subsidiary the investment in the French company Nexans, which today reaches 28.39% of the shares issued by the company. The French multinational does not report its results in the third quarter of the year.

The strategy works

Parallel to the evaluation of the results up to September, the general manager of Quiñenco, Francisco Pérez Mackenna, said confirm the strategy of the company. was the good one "It is a period rich in achievements and positive news, among which I wish to underline the activities carried out by CCU in Argentina, the rebound of the results of CSAV and Hapag-Lloyd and the entry of Enex on the We will continue to grow, develop organically in Chile and explore business opportunities abroad, "he said.