ECUADOR - According to the annual ranking of the top 1,000 Ecuadorian companies by sales published by Ekos magazine, the five companies in the wood and furniture segment that entered the ranking in 2022 grew 10.3%, reaching USD 426.8 million compared to USD 387.1 million in 2021.
The net result of these companies reached a profit of USD 54.7 million, which represents a drop of 3.7% compared to 2021 (USD 56.8 million).
This growth of the main companies in Ecuador's wood and furniture segment was well above the 2.9% expansion recorded by the Ecuadorian economy in 2019.
The five companies in the wood and furniture segment that ranked in the Top 1000 - Novopan, Aglomerados Cotopaxi, Edimca, Colineal and Muebles El Bosque - managed to increase their sales in 2022.
The highest sales growth in 2022 was recorded by furniture manufacturer Colineal (+15.3%); followed by Novopan (+11.6%), the largest wood panel manufacturer in Ecuador and by Aglomerados Cotopaxi (+9.0%), the only MDF manufacturer in Ecuador.
Novopan was once again the leader among companies in the wood and furniture segment in 2022, with sales of USD 241.9 million (2021: USD 216.7 million). It was followed by Aglomerados Cotopaxi and Edimca with sales of USD 61.7 million and USD 55.2 million respectively.
In terms of net result, Novopan obtained the highest profit, reaching USD 44.4 million in 2022 (2021: USD 46.4 million). It was followed by Aglomerados Cotopaxi with US$7.5 million and Colineal with US$1.5 million. However, only Aglomerados Cotopaxi and Colineal managed to increase their profits in 2022.
