D1 was the biggest seller in 2025 among the 29,312 companies filing with Colombia’s Superintendence of Companies (Supersociedades): 21.56 trillion pesos. Of every 100 pesos it billed, it kept 1.9.
Cenit, Ecopetrol’s hydrocarbon pipeline company, sold a third as much, 6.71 trillion, and kept 76.4 of every 100. It earned more than any other company in the country.
Selling a lot is not the same as earning a lot. Of the top 10 sellers and the top 10 earners, only 4 are on both lists: Comcel, Kopps, Bavaria and Cenit.
Top 10 sellers in 2025
| # | Company | Revenue | Net profit | Per 100 pesos | Profit rank |
|---|---|---|---|---|---|
| 1 | D1 | 21.56 tn | 419 bn | 1.9 | 16 |
| 2 | Comcel (Claro) | 16.35 tn | 963 bn | 5.9 | 6 |
| 3 | Jerónimo Martins (Ara) | 16.34 tn | −579 bn | −3.5 | loss |
| 4 | Colombiana de Comercio (Alkosto) | 13.96 tn | 404 bn | 2.9 | 17 |
| 5 | Kopps Commercial (AB InBev) | 12.98 tn | 1.13 tn | 8.7 | 5 |
| 6 | Primax | 11.00 tn | 150 bn | 1.4 | 58 |
| 7 | Drummond | 7.86 tn | 215 bn | 2.7 | 36 |
| 8 | Bavaria | 7.50 tn | 3.34 tn | 44.5 | 2 |
| 9 | Olímpica | 6.95 tn | 81 bn | 1.2 | 111 |
| 10 | Cenit | 6.71 tn | 5.12 tn | 76.4 | 1 |
Top 10 earners in 2025
| # | Company | Net profit | Revenue | Per 100 pesos |
|---|---|---|---|---|
| 1 | Cenit (hydrocarbon pipelines) | 5.12 tn | 6.71 tn | 76.4 |
| 2 | Bavaria | 3.34 tn | 7.50 tn | 44.5 |
| 3 | Ocensa (Oleoducto Central) | 3.07 tn | 6.25 tn | 49.1 |
| 4 | Continental Gold (Buriticá mine) | 1.87 tn | 4.16 tn | 45.0 |
| 5 | Kopps Commercial (AB InBev) | 1.13 tn | 12.98 tn | 8.7 |
| 6 | Comcel (Claro) | 963 bn | 16.35 tn | 5.9 |
| 7 | Aris Mining Segovia (gold) | 871 bn | 3.28 tn | 26.7 |
| 8 | Oleoducto de los Llanos Orientales | 686 bn | 1.50 tn | 45.8 |
| 9 | Parex Resources (oil) | 604 bn | 960 bn | 62.9 |
| 10 | SierraCol Energy Arauca (oil) | 574 bn | 1.42 tn | 40.4 |
Holding companies and investment vehicles are left out of this ranking: their revenue is dividends from other companies and would count the same profit twice. That leaves 21,071 operating companies. Figures in Colombian pesos (tn = trillion, bn = billion).
Volume versus margin
Mass retail sells a lot and keeps little of each peso. D1 keeps 1.9 of every 100, Alkosto 2.9, Primax 1.4 and Olímpica 1.2. It is a volume business: thin margins on huge sales. That is how the model works, not a warning sign.
Infrastructure, brands and natural resources keep a lot of each peso. The pipelines (Cenit, Ocensa, Oleoducto de los Llanos) keep between 46 and 76 of every 100: networks already built that charge for transport. Bavaria keeps 44.5. The gold mines earned far more than in 2024: Continental Gold went from 790 billion to 1.87 trillion pesos.
One group, two roles
Bavaria brews the beer and Kopps Commercial, from the same AB InBev group, sells it. Kopps bills 12.98 trillion and keeps 8.7 of every 100; Bavaria bills 7.50 trillion and keeps 44.5. Looking at only one of them gives an incomplete picture of the business.
Traps when reading a ranking
Do not add them up as if they were independent. Cenit owns 72.65% of Ocensa, 65% of Oleoducto de los Llanos and 51.28% of Oleoducto de Colombia, according to Ecopetrol’s report. Part of Cenit’s profit comes from those subsidiaries.
Selling more does not guarantee earning. Jerónimo Martins, owner of the Ara stores, is the third-biggest seller and closed with a 579 billion peso loss, largely because of the interest on its store leases under IFRS 16 (explained here). Cruz Verde sold 6.18 trillion and earned 4.3 billion. A loss describes the year; it does not predict a company’s future.
Profit is more concentrated than sales
The top 10 sellers account for 8.6% of the revenue of all companies. The top 10 earners account for 23% of the profit of the operating companies that made money.
The question for any company
For your own company, a client or a supplier, the useful question is the same as in this analysis: how much does it sell, and how much of every 100 pesos does it keep. In the company directory you can look up any company by name or tax ID and see its 2025 income statement against 2024 and against its sector median. It is free and needs no sign-up.
Notes and sources
- Individual or separate financial statements filed with Supersociedades, 2025, in current pesos. “Per 100 pesos” is net profit divided by revenue.
- Only companies that file with Supersociedades. Ecopetrol, banks and entities supervised by the Financial Superintendence are not included; neither is Reficar since 2023.
- Some companies report by half-year or quarter; the full year is added up here (D1 and Ocensa).
- Cenit’s stakes: Ecopetrol annual report.
- Public data on legal entities. This analysis describes figures; it is not investment advice.