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Written by July 26 2017 0

Medellin-based multinational utilities giant Grupo EPM announced July 25 that its first-half 2017 earnings before interest, taxes, depreciation and amortization (EBITDA) rose 33% year-on-year, to COP$2.6 trillion (US$862 million), while net profits rose 78% year-on-year, to COP$1 trillion (US$331 million).

The city of Medellin – EPM’s sole shareholder – so far this year has netted COP$785 billion (US$260 million) of an expected full-year COP$1.6 trillion (US$530 million) in profit contribution, according to the company.

So far this year, EPM also has invested COP$1.6 trillion (US$530 million) in infrastructure in Colombia, with COP$770 billion (US$255 million) of that dedicated to the continuing construction of the US$5.5 billion, 2.4-gigawatt “Hidroituango” hydroelectric plant in Antioquia, according to the company.

EPM’s Medellin-based operations contributed 47% of earnings, while foreign subsidiaries contributed 35%. Colombian national subsidiaries contributed the remaining 18%, according to the company.

EBITDA improvement came despite lower electric-power prices in Colombia, but were offset by productivity improvements, EPM general manager Jorge Londoño de la Cuesta, said.

EPM Group’s return on equity so far this year is 12%, up from just 4% in first-half 2016, he added.

“The higher profitability is explained by the better operating results of 2017, compared to a first half of 2016 [that was] impacted by the El Niño phenomenon and by the [fire and power-outage] incident recorded at the Guatapé hydroelectric plant,” according to the company.

Financial indebtedness stands at 38%, “similar to last year. At the same time, the debt-to-EBITDA [ratio] indicator of the EPM Group closed the first half at 3.56, compared to 4.46 in 2016,” according to the company.

Total assets now stand at COP$45.1 trillion (US$14.9 billion), up 5%, while liabilities now total COP$25.6 trillion (US$8.5 billion), up 10%. Equity now stands at COP$19.5 trillion (US$6.4 billion), down 1%, while cash and cash equivalents now total COP$1.7 trillion (US$563 million), according to the company.

Written by May 25 2017 0

Medellin-based multinational grocery retailer Exito on May 16 posted a tiny COP$7.6 million (US$2,600) net loss for first quarter (1Q 2017), down slightly from an even more miniscule COP$760,000 (US$260) net profit in 1Q 2016.

Written by May 25 2017 0

Medellin-based multinational foods giant Grupo Nutresa announced May 19 that it won an “AAA(col)” rating from Wall Street bond rater Fitch thanks to its “strong competitive position in its relevant markets” as well as moderate leverage, geographic diversification and “robust” cash flow “across the business cycle."

Written by April 28 2017 0

Empresas Publicas de Medellin (EPM) – now a multinational electric power, water, sewer and natural-gas utility – announced April 27 that its first quarter (1Q) 2017 net income soared 460% year-on-year, to COP$606 billion (US$206 million).

Written by April 18 2017 0

Medellin-based textile giants Coltejer and Fabricato posted net losses for full-year 2016 -- in contrast to the net profits posted by both companies during 2015.

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SILLETEROS PARADE 2016 by JOHN AND DONNA STORMZAND (click to enlarge)

MEDELLÍN PHOTOS by Gabriel Buitrago (click to enlarge)

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About Medellin Herald

Medellin Herald is a locally produced, English-language news and advisory service uniquely focused upon a more-mature audience of visitors, investors, conference and trade-show attendees, property buyers, expats, retirees, volunteers and nature lovers.

U.S. native Roberto Peckham, who founded Medellin Herald in 2015, has been residing in metro Medellin since 2005 and has traveled regularly and extensively throughout Colombia since 1981.

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