Supersociedades Report: Colombia’s Largest Companies Face 7.2% Revenue Drop, $9T Profit Loss; Ecopetrol Leads with ADR Cost Cut Extended

The Superintendence of Companies (Supersociedades) released its annual report on the 1,000 largest companies in Colombia for 2024, revealing a 7.2% decline in revenues and a $9 trillion drop in net profits across the board. Despite this overall downturn, Ecopetrol remained the leading company by revenue, holding a dominant position along with Reficar in the oil sector. The top 50 companies accounted for 52% of total revenues in 2024, while the largest 1,000 companies control 69% of Colombia's GDP, with just 5% holding the greatest economic power. Sector-specific performance varied: the commerce sector outperformed industry, with Organización Terpel leading commerce and Reficar leading industry. The agricultural sector saw a 4.87% increase in sales, led by the poultry industry, while the construction sector increased revenues and assets but experienced a reduction in profits. Supersociedades highlighted that corporate revenues surpassed one trillion pesos and profits exceeded 90 trillion pesos, signaling a recovery from the deepest point of the recession. Additionally, Ecopetrol extended a temporary 50% reduction in the cost of buying and selling its American Depositary Receipts (ADRs) in the U.S. until December 31, 2025.