Morixe, a flour mill, revealed the figures of its partial balance sheet covering the period from June 1, 2020, to February 28 of this year: in that period, it recorded a profit of 123 million pesos ($1.33 mn), which contrasts with the loss of 126.9 million pesos ($1.37 mn) it had incurred in the same period of the previous year.
Category: Business
Information regarding the business sector.
Sancor Seguros invested $2 million in an agrotech
Agree is an Argentine agrotech that seeks to streamline and empower the agri-food community. The Argentine company, founded in 2017, is dedicated to providing technology solutions to accelerate the digital transformation of agribusiness and received a $2 million contribution from Sancor Seguros as the closing of its Series A investment round.
Mercado Libre Argentina plans to create 2,800 jobs
Mercado Libre will create 2,800 jobs in Argentina this year, increasing by 40% its workforce in the country; it is a significant challenge in a 100% virtual work environment. One thousand one hundred positions will be in technology development; 800 in shipping; 500 in customer service; 200 in administration and finance; 100 in fintech, and a similar number in other areas.
Naturgy’s 2020 losses reached $160.15 mn
Naturgy reported losses in Argentina of 14.715 billion pesos ($160.15 mn) for the year ended December 31, 2020. The Spanish-owned company is the second-largest gas distributor in the country and has kept its tariffs frozen since April 2019.
BMW to buy lithium in Argentina for $334 million
The BMW automotive group announced that it had signed a $334 million contract with the U.S. mining company Livent, which is in charge of lithium extraction in the Salar del Hombre Muerto, in Catamarca, Argentina. This agreement will make Argentina the second-largest lithium producer in the world as of 2022. BMW to buy lithium in Argentina for $334 million.
Edenor and Edesur request subsidies for $590.68 million in order not to raise tariffs
Edenor and Edesur, the two largest electricity distributors in the country, yesterday raised the need to apply increases of between 28% and 34% in residential tariffs this year. They clarified that if the Government decides not to raise tariffs on users, the companies would need subsidies for 54,260 million pesos ($590.68 mn) to maintain the current services.
After an investment of $39 million, Genneia’s wind farm began operations
After an investment of $39 million, Genneia's wind farm started operating after an investment of 39 million dollars, the Chubut Norte II Wind Farm developed by the leading renewable energy company, Genneia, started working this week. With an installed power of 26.28 MW, it will generate 120 GWh per year, oriented to the Renewable Energy Term Market.
Raízen inaugurated plant: $8 million investment.
With an investment of $8 million, the Brazilian firm Raízen - Shell's licensee in Argentina - inaugurated yesterday at its Dock Sud refinery to produce propellant gas for the cosmetics manufacturing industry. The plant is one of the first to be carried out within Raízen's investment plan for $715 million for 2020/23, which the Government announced.
Comercial del Plata closed 2020 with a $9.7 million profit
Sociedad Comercial del Plata closed 2020 with a net profit of Ps. 892 million ($9.7 mn), despite a 14% year-on-year drop in consolidated sales.
Trufas del Nuevo Mundo projects an annual production of 1,500 kgs by 2024
Trufas del Nuevo Mundo is an SME with more than 50 hectares in the town of Espartillar in the province of Buenos Aires and, by 2024, expects to reach an annual production of 1,500 kilograms. In the European market, trufas worth more than 1,500 euros per kilo. In Trufas del Nuevo Mundo, the export value ranges between $750 and $900, although they reached $1,100. From its beginnings in 2012 to the present, the company invested some $ 3.6 million. The investment values represent 30% of the profit.
