ECUADOR – The main companies in Ecuador´s wood and furniture sector experienced a decline in sales and profits in 2023 compared to the previous year.

Total sales among the main companies in this sector amounted to USD 410.2 million, a decrease of 3.4% from USD 424.8 million in 2022.

Novopan Del Ecuador the largest player in the sector, reported sales of USD 223.6 million, down 7.5% from USD 241.9 million in 2022. The company also faced a significant drop in profit, falling to USD 33.17 million from USD 44.40 million, representing a 25.3% decline.

Edimca showed modest growth in sales, increasing by 5.8% to reach USD 58.4 million, but its profit halved, dropping to USD 0.61 million. Similarly, Aglomerados Cotopaxi reported sales of USD 54.6 million, down 11.6%, and a profit decrease of 41.4%, resulting in USD 4.41 million.

Colineal saw an 8.7% increase in sales to USD 45.1 million, although its profits dipped by 15.8% to USD 1.28 million. In contrast, Muebles el Bosque experienced significant growth, with sales rising 16.7% to USD 28.6 million and profits jumping to USD 1.05 million from just USD 0.01 million the previous year.

Overall, the sector’s profitability was impacted, with total profits dropping 26.0% to USD 40.5 million from USD 54.7 million in 2022. This data indicates a challenging year for the wood and furniture industry in Ecuador, with varying performances across major companies.