Terpel Q4-20 Results

Terpel release

In 2020, the health emergency and the mandatory lockdown measures related to the pandemic severely impacted our results in all the geographies where Terpel operates. Thus, regional sales fell 60.0%, owing mainly to a drop in jet fuel sales caused by the shutdown of airport activities.

Nevertheless, sales began to recover as of Q3, as restrictions on mobility were lifted and commercial flights resumed, until December, when the contraction improved to -6.0%, as compared to the average sales of the first two months.

Recovery has varied from country to country, depending on the standing restrictions. Worth highlighting is performance in Colombia where, excluding Aviation sales, sales reached a level close to 2019.

The aviation segment is expected to recover gradually, given travelers’ lack of confidence and business travel savings measures adopted by companies.

Within the framework of a challenging year, Terpel prioritized people’s health and wellbeing, protecting human capital and business continuity throughout all the countries where it operates in the region.

In 2020, Terpel faced various circumstances that evidenced its expedite and effective decision-making system, which allowed it to satisfactorily manage the pandemic situation.

During the year, the loss amounted to COP -$39.7 billion. By the end of September, Terpel’s accrued losses reached COP$ -129.9billion, of which it managed to recover close to 70%, thanks to its efforts to generate savings since the beginning of the pandemic and the good results of the year’s last quarter, which closed with a net profit of COP$ 90.3 billion.

The full release is available here.