Thursday, September 21, 2017

Written by March 21 2017 0

Empresas Publicas de Medellin (EPM) – now a multinational electric power and utilities giant – reported March 17 that its full-year 2016 profits rose 85% year-on-year, to COP$1.86 trillion (US$641 million).

Gross revenues rose 14%, to COP$15.8 trillion (US$5.4 billion), while earnings before interest, taxes, depreciation and amortization rose 12%, to COP$4 trillion (US$1.38 billion).

Payments to its sole shareholder – the city of Medellin – rose to COP$817 billion (US$282 million), while infrastructure investments hit COP$3.87 trillion (US$1.3 billion), mainly for its 2.4-gigawatt “Hidroituango” hydroelectric dam project in Antioquia, now two-thirds complete, according to the company. EPM projects that its payment to the city of Medellin is likely to hit COP$1 trillion (US$345 million) for the 2017 operating year.

The improved results came despite the “El Niño” drought in Colombia in early 2016 (which reduced water flow to hydroelectric plants) as well as a four-months-long outage at its Guatape hydroelectric plant in Antioquia, which had suffered a fire that destroyed several cables. However, insurance covered the losses from the Guatape incident, hence lessening the financial impact on 2016 income.

EPM now serves 22 million customers in Colombia, Chile, El Salvador, Guatemala, México and Panamá, producing and delivering electric power, water, sanitation, sewage treatment and natural gas for homes, offices, factories and vehicles.

EPM director-general Jorge Londoño de la Cuesta added that the year 2016 brought “great challenges for our group [but] we achieved excellent results, as evidenced by our projects and our financial figures.” Londoño de la Cuesta added that EPM has maintained a favorable investment-grade debt rating of “BBB+.”

Meanwhile, in Antioquia alone, EPM added another 35,922 sewer hookups last year, as well as 67,472 more customers for natural gas service, plus another 60,127 new customers for electric power service, according to the company.

EPM’s tiered tariff structure – where homes and businesses in higher-income neighborhoods subsidize customers in poorer neighborhoods -- enabled 15,355 more low-income families to obtain water, power and gas services last year, Londoño de la Cuesta noted.

EPM also continues to lead all of Colombia in offering prepaid utility services, which encourages more-efficient and more-economical use of water, power and gas, he noted.

During 2016, EPM added 25,400 more customers to its prepaid energy services and another 8,924 to its prepaid water services. In addition, a new “Precarga” service now enables EPM clients to buy prepaid power and water service via cell-phone apps.

Written by March 03 2017 0

Medellin-based construction giant Conconcreto announced March 2 that its full-year 2016 consolidated earnings rose 8% year-on-year, to COP$103 billion (US$34.6 million), while consolidated revenues rose to COP$1.47 trillion (US$494 million).

Written by March 01 2017 0

U.S.-based global hotel magnate Hilton and local builder Constructora Colpatria jointly announced February 28 that they’ve signed a franchise deal to build and open a 25-story, 206-room “Hilton Medellin” luxury hotel on Avenida Las Palmas in second-quarter 2019.

Written by February 28 2017 0

Thanks to a favorable turnaround in fourth quarter (4Q) 2016, Medellin-based multinational supermarket giant Grupo Exito posted a full-year 2016 net profit of COP$43.5 billion (US$14.9 million).

Written by February 28 2017 0

Medellin-based industrial conglomerate Grupo Argos announced February 28 that its full-year 2016 net profit jumped 75% year-on-year, to COP$1.1 trillion (US$377 million), while company president Jorge Mario Velásquez just nabbed the prestigious “empresario of the year” award from Colombian business newspaper La Republica.

Page 3 of 8

newsletter

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

MEDELLÍN PHOTOS by Gabriel Buitrago (click to enlarge)

Featured

Volunteering February 20 2017 0
As the late North American philosopher A.B. Johnson once quipped, “mighty oaks from little acorns…

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.

Medellin Herald welcomes your editorial contributions, comments and story-idea suggestions. Send us a message using the "contact" section.

Contact US

logo def
Medellin Herald: Find news, information, reviews and opinion on business, events, conferences, congresses, education, real estate, investing, retiring and more.
  • COL (4) 386 06 27
  • USA (1) 305 517 76 35
  •  www.medellinherald.com 
  •  This email address is being protected from spambots. You need JavaScript enabled to view it. 
  • Medellin, Antioquia, Colombia

Medellín Photo Galery

Medellin, contrasting colors and styles by Gabriel Buitrago
MPGMPGMPGMPGMPGMPGMPGMPGMPGMPGMPGnav