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Ecopetrol S.A. Income Statement 2024-2011 | EC
Brief overview of income trends at Ecopetrol S.A.
The conclusions below are based on five years of reported results. Ecopetrol S.A. reported revenue of 71.5 trillion COP in 2019 and 133 trillion COP by 2024. The total change was +86.5%, with a CAGR of approximately 13.3%. Revenue followed a strong upward trend without signs of stagnation.
Gross profit changed from 26.5 trillion COP to 46.8 trillion COP (+76.7%). The cost base moved against the top-line trend and weighed on the gross result. Gross margin moved from 37.1% to 35.1%. Gross profitability remained broadly stable.
Over the period, EBITDA shifted from 22.3 trillion COP to 38.5 trillion COP, a change of +72.8%. EBITDA lagged revenue, showing weaker operating momentum. EBITDA margin moved from 31.1% to 28.8%. The margin contraction indicates weaker operating efficiency.
The five-year change in net income was +34.6%: from 13.7 trillion COP to 18.5 trillion COP. Net income did not provide a strong directional signal.
Overall conclusion
The five-year picture requires weighing both strengths and weaknesses. The strongest signals are sales growth and a stronger final result. Caution is warranted because of pressure on operating profitability and a lower gross margin. The key question is whether sales can be converted into sustainable profit.
Annual Income Statement Ecopetrol S.A.
| 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
- | - | - | - | 23.4 B | 38.5 B | 37.8 B | 39 B | 19.1 B | 13.2 B | 33.5 B | 71.6 B | 130 B | 104 B |
Shares |
- | - | - | - | 2.06 B | 2.06 B | 2.06 B | 2.06 B | 2.06 B | 2.06 B | 2.06 B | 2.06 B | 2.06 B | 2.06 B |
Historical Prices |
12.2 | 9.43 | 17.3 | 16.2 | 12.2 | 15.6 | 17.6 | 14.8 | 7.49 | 5.8 | 12.9 | 24.6 | 38.9 | 37.2 |
Net Income |
18.5 T | 25.4 T | 35.2 T | 17.6 T | 2.22 T | 13.7 T | 11.4 T | 7.18 T | 2.45 T | -7.19 T | 7.51 T | 13.1 T | 14.8 T | 15.5 T |
Revenue |
133 T | 143 T | 160 T | 91.9 T | 50 T | 71.5 T | 68.6 T | 56 T | 48.5 T | 52.3 T | 68.9 T | 70.4 T | 68.9 T | 65.8 T |
Cost of Revenue |
86.5 T | 88.2 T | 89.5 T | 55.6 T | 37.6 T | 45 T | 41.2 T | 36.9 T | 34.3 T | 37 T | - | - | - | - |
Gross Profit |
46.8 T | 55 T | 70.2 T | 36.3 T | 12.5 T | 26.5 T | 27.4 T | 19 T | 14.2 T | 15.4 T | 23.9 T | 27.9 T | 28.3 T | 29.1 T |
Operating Income |
38.5 T | 41.8 T | 60.2 T | 29.7 T | 7.18 T | 21 T | 22.5 T | 16.2 T | 8.9 T | 2.13 T | - | - | - | - |
EBITDA |
38.5 T | 41.8 T | 60.2 T | 29.7 T | 16.6 T | 22.3 T | 23.1 T | 14.6 T | 10.2 T | 9.96 T | 16.7 T | 22.1 T | 27.5 T | 26 T |
Operating Expenses |
5.65 T | 5.7 T | 4.74 T | 3.15 T | 4.84 T | 4.54 T | 4.38 T | 4.61 T | 4.22 T | 5.57 T | 7.54 T | 6.12 T | 5.87 T | 3.4 T |
General and Administrative Expenses |
- | - | - | - | 4.15 T | 2.3 T | 1.89 T | 1.66 T | 1.49 T | 1.19 T | 2.96 T | 2.38 T | 1.82 T | 327 B |
All numbers in COP currency
Quarterly Income Statement Ecopetrol S.A.
| 2024-Q4 | 2024-Q2 | 2023-Q4 | 2023-Q3 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Income |
18.5 T | 8.72 T | 25.4 T | 21.1 T | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Revenue |
133 T | 63.9 T | 143 T | 108 T | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cost of Revenue |
86.5 T | 39.6 T | 88.2 T | 64.9 T | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Gross Profit |
46.8 T | 24.3 T | 55 T | 43.5 T | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Income |
38.5 T | 19.3 T | 41.8 T | 36.1 T | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
EBITDA |
38.5 T | 19.3 T | 41.8 T | 36.1 T | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Expenses |
5.65 T | 2.62 T | 5.7 T | 3.92 T | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in COP currency
The income statement is one of the three key financial reports of a company Ecopetrol S.A. (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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