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Medellin-based multinational gold mining giant Mineros SA announced November 15 that third quarter (3Q) 2021 profits fell 67% year-on-year, to US$8.2 million, as cost hikes in Nicaragua and Argentina hurt over-all results.

Corporate-wide gold production dipped by 1% year-on year, to 63,758 ounces, “in line with the company’s updated guidance for 2021,” according to Mineros.

Revenues dipped 1% year-on-year, to US$120 million, as the average realized price per ounce sold fell to US$1,782 in 3Q 2021 versus US$1,896 in 3Q 2020. “Key drivers were a decrease in average realized price of 6%, partially offset by a 4% increase in ounces sold,” according to the company.

Average cash costs in 3Q 2021 rose to US$1,235 per ounce, from US$1,020 in 3Q 2020, while all-in sustaining costs (AISC) rose to US$1,476/ounce, versus US$1,225 in 3Q 2020.

“The increase in average cash cost and AISC was a result of purchasing more material from artisanal miners at the Hemco Property [in Nicaragua] and higher production and sustaining costs at the Gualcamayo Property [in Argentina] as the mine nears end of life,” according to Mineros.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) fell 38%, to $32.4 million, compared to $51.9 million in 3Q 2020.

Meanwhile, capital investments rose 35% year-on-year, to $25.7 million, including investments into existing mines along with exploration and evaluation projects.

On the health and safety front, “Mineros has vaccinated 100% of its employees at the head office in Medellin and over 90% of its employees at the Nechí Alluvial Property against Covid-19,” while in Argentina and Nicaragua, “Mineros employees are beginning to be vaccinated against Covid-19 through the respective countries’ [vaccination] programs,” according to Mineros added.

Medellin-based textiles and plastics-recycling giant Enka de Colombia reported November 12 net income of COP$42 billion (US$10.8 million) for nine-months 2021, a huge improvement over the COP$2.2 billion (US$566,000) net income in nine-months 2020.

Nine-months 2021 earnings before interest, taxes, depreciation and amortization (EBITDA) likewise have nearly tripled year-on-year, to COP$61 billion (US$15.7 million), while revenues hit COP$398 billion (US$102 million), up from COP$$254 billion (US$65 million ) in nine-months 2020.

“The construction of the new PET [polyethylene terephthalate] Bottle-to-Bottle recycling plant, which will double the installed capacity, is progressing smoothly with investments of COP$29.7 billion [US$7.6 million] -- 27% of the total investment -- and it is expected to start operations by the end of 2022,” according to Enka.

The positive results came despite negative macro impacts of the global Covid-19 pandemic over the past 18 months, including global demand weaknesses and logistics problems especially in maritime freight, the company noted.

Fortunately, Enka management had accelerated its acquisition and supply of many raw materials “before the severe shortages” emerged, according to the company.

As a result, by the end of September 2021, Enka’s total assets grew by COP$81 billion (US$20.8 million) year-on-year, to COP$693 billion (US$178 million), “mainly due to an increase in working capital derived from the increase in sales and higher international prices, and due to capital investments for projects in execution,” according to the company.

Total liabilities also increased, to COP$244 billion (US$62.8 million).

“The company continues with a positive financial position at the end of this quarter, with available cash of COP$44 billion [US$11 million] and a low net debt of COP$5.8 billion [US$1.5 million], even after making capital investments in the year for COP$32 billion [US$8.2 million], mainly in the new PET Bottle-to-Bottle recycling plant,” according to Enka.

As for sales of its various products in various markets so far this year, “sales in the local [Colombia] market increased by 65%, reaching COP$233 billion [US$60 million], while exports increased by 46%, ending at COP$164 billion (US$44 million), going from a share of 44% to 45% of the total,” according to Enka.

In the NAFTA market (United States, Mexico and Canada), sales grew by 56% year-on-year, “mainly in the industrial wire line, positioning Enka as a strategic supplier to the main tire manufacturers. Similarly, the Brazilian market recovered and grew by 47%, increasing its share to 18% of sales,” according to Enka.

As for its “green” line of recycled products, sales grew 23% year-on-year, to COP$110 billion (US$28 million), accounting for 30% of total corporate revenues. Exports represented 13% of the income of the “green” lines.

The “EKO PET” (13,027 tonnes output) plant operation “is at full capacity. Virgin PET supply restrictions continue due to the international freight situation and some production problems from large global suppliers that affect supply,” according to Enka.

As for “EKO Fibras” (8,317 tonnes), sales volume increased by 17% year-on-year “due to the recovery of local and Brazilian demand affected by Covid-19 in 2020 and due to difficulties in the supply of Asian products due to high rates of logistical restrictions,” according to the company.

As for “EKO Poliolefins” (1,281 tonnes), sales “decreased by 27% due to consumption in 2020 of high inventories generated at the start-up of the plant and due to the negative impact of the national strike [the ‘Paro Nacional’] in May 2021 on the collection of bottles. This year sales are adjusted to the availability of byproducts (caps and labels) from current recycling processes,” according to Enka.

As for all the “Eko Red” lines that involve recycling plastic bottles, “bottle collection continues to recover after the impact of the pandemic in 2020. Bottle collection was related to the national strike, which strongly affected recycling volumes in the south of the country and generated difficulties and logistical cost overruns in much of the national territory. However, it has since been possible to recover pre-Covid-19 levels,” the company added.

As for the textile and industrial businesses lines, these grew 55% year-on-year “due to the recovery of strategic markets and the high international prices of raw materials,” according to Enka.

“Exports represent 59% of the revenues of this business segment and 91% of Enka's total exports, reaching US$40 million,” the company added.

As for industrial yarns (9,775 tonnes), “volume increased 18%, mainly in canvas (+ 30%) due to its positioning in strategic clients,” according to Enka.

The “Hilo Técnico” line grew by 7%, “mainly in the USA and Colombia,” according to Enka.

Finally, the “textile filaments” line saw sales grow by 34% year-on-year “due to the recovery in demand previously affected by Covid-19 and difficulties in the importation of Asian products, mainly benefiting the sales of nylon filaments, which already exceeded to those of polyester filaments,” Enka added.

Medellin-based multinational insurance, health-care and financial-services giant Grupo Sura announced November 12 that its third quarter (3Q) 2021 net income skyrocketed by 192% year-on-year, to COP$445 billion (US$114 million).

Revenues rose 23% year-on-year, to COP$6.6 trillion (US$1.7 billion), the company added.

As for the first nine months of 2021, net income is up 181%, to COP$1.1 trillion (US$283 million), while revenues are up 17%, to COP$18 trillion (US$4.6 billion), according to the company.

“Grupo Sura continues to see an ongoing recovery with its different lines of business,” the company noted, citing economic recovery along with declining rates of Covid-19 infections.

“During 3Q 2021, revenues rose by 23.3%, given growths of 20.5% in written [insurance] premiums and 15.4% in fee and commission income, with investment income rising by 41.6%.

“Total costs and expenses rose by 15.5% compared to the same period last year and 20.6% for the third quarter alone. This growth is mainly due to the impacts of the pandemic that continued to affect [insurance division] Suramericana, bearing in mind that Covid-related costs and expense for nine months total COP$1.5 trillion [US$386 million] on a [nine-months 2021] year-to-date basis and COP$352 billion [US$90.6 million] for 3Q 2021,” the company added.

The Suramericana division has seen its health-care insurance premiums grow by 36% for the first nine months of 2021, while the life insurance segment gained 13% year-on-year, according to the company.

“On the other hand, retained claims rose by 27.9%, mainly due to the effects of the pandemic that, on a year-to-date basis at the end of September stood at COP$1.5 trillion [US$386 million] compared to COP$648 billion [US$167 million] for the same [nine-months] period last year,” according to Sura

“However, a slight decrease in the spread of Covid-19 compared to previous quarters accounted for an improvement in the company’s earnings, thereby producing a year-to-date net income [for the Suramericana division] of COP$4 billion [US$1 million], which is very much in line with the results obtained for the third quarter, at COP$4.7 billion [US$1.2 million],” the company added.

As for the Sura Asset Management investment division, “this subsidiary’s operating revenues reached COP$2.2 trillion [US$566 million] at the end of 3Q 2021, for a growth of 18.3% in pesos and 12.8% in local currency compared to the same period last year,” according to Sura.

“The 15.8% growth in fee and commission income -- as well as the improved revenues received via the equity method, mainly from [pension fund operator] Protección --reached COP$19.8 billion [US$5 million].

“The investment management and ‘Inversiones Sura’ lines of business continued to score double-digit growths at the end of 3Q 2021, both in assets-under-management as well as fee and commission income compared to the same period last year, thereby posting COP$33 billion [US$8.5 million] in net income.

“Thanks to all of the this, [Sura Asset Management] posted a net income figure of COP$525 billion [US$135 million] at the end of 3Q 2021, for a growth of 104.1% compared to the same period last year,” the company added.

As for Sura’s stock holdings in Medellin-based Bancolombia, Nutresa and Grupo Argos, “these produced a growth of 228.7% compared to [nine-months 2020], adding another COP$867 billion [US$223 million] to Grupo Sura’s bottom line,” according to the company.

“This improvement was mainly due to an increase with Bancolombia’s net income, along with a sustained growth with Nutresa’s bottom line and the recovery seen with that of Grupo Argos,” the company added.

Toronto-based Gran Colombia Gold – whose principal mining operations are in Antioquia – on November 11 announced third quarter (3Q) 2021 net income rose to US$25.3 million, up from US$18 million in 3Q 2020.

The profit boost came a result of lower tax expense and non-mining income, even as operating income actually fell year-on-year, according to GCC.

For the first nine months of 2021, net income soared to US$173.4 million, compared with US$23.7 million in the first nine months of 2020.

The profit boost “benefitted from ‘other income’ items including the $56.9 million gain on loss of control of Aris, a $52.1 million gain on financial instruments (compared with a $21.3 million loss on financial instruments in the first nine months last year) and the $8.9 million gain on sale of the Zancudo project,” according to GCC

GCC’s gold production from its Segovia, Antioquia mining operations totaled 49,848 ounces in 3Q 2021, down from 51,555 ounces in 3Q 2020. On the other hand, total gold production from Segovia for the first nine months of 2021 rose to 151,104 ounces compared with 146,278 ounces in the first nine months of 2020.

“The company remains on track with its annual production guidance and has narrowed the range to between 203,000 to 210,000 ounces of gold from Segovia in 2021,” according to GCC.

“Gran Colombia is adding revenue diversification at its Segovia operations through a new polymetallic recovery plant that will recover commercial quantities of zinc and lead as well as gold and silver into concentrate from its tailings. The company completed construction of the plant in the third quarter of 2021 and the plant is currently in the commissioning process with first concentrate production expected in the fourth quarter of this year,” the company added.

Sustaining capital expenditures at Segovia totaled $30.9 million in the first nine months of 2021, up from $22.2 million in the first nine months of 2020, “which reflected a slowdown in activity in 2020 during the Covid-19 national quarantine in Colombia that delayed many of the company’s initiatives until later in 2020,” according to GCC.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) dipped to $39.9 million for 3Q 2021 compared with $56.7 million in 3Q 2020, while total adjusted EBITDA for the first nine months of 2021 dipped to $134.3 million compared with $144.7 million in the first nine months of 2020.


Medellin-based highway construction giant Construcciones El Condor announced November 11 that its third quarter (3Q) net income nearly matched that of 3Q 2020, at COP$16 billion (US$4.1 million).

However, revenues dropped 34% year-on-year, to COP$372.7 billion (US$95.7 million), according to the company.

The drop in revenues “is associated with the completion period of the projects that were executed during previous years with significant billings, with the suspension of some projects that are awaiting environmental and property decisions, and execution of public-works contracts that have not yet begun,” according to the company.

“Additionally, the Paro Nacional [protest marches] that began at the end of April 2021 also affected the pace of the works for reasons of physical security of our collaborators in some areas and shortage of the main supplies in the projects.”

Cost increases in raw materials and supplies generated an operating loss of COP$4.7 billion (US$1.2 million) in the latest quarter, the company added.

Earnings before interest, taxes, depreciation and amortization (EBITDA) came-in at COP$24 billion (US$6.16 million) with EBITDA margin at 6.5%, down from 12.06% in 3Q 2020.

As of September 2021, El Condor’s assets totaled COP$2.34 trillion (US$601 million), while liabilities totaled COP$1.26 trillion (US$324 million).

“With the payment of the series of bonds issued in September 2019 for COP$81.5 billion (US$21 million) and the new funding of the structured loan granted by Bancolombia and Davivienda with a term of 24 months, the structure of current liabilities is maintained at levels close to 50%,” the company added.

Medellin-based Grupo Argos – parent of Cementos Argos (cement), Celsia (electric power) and Odinsa (highway/airport concessions) – announced November 11 that its corporate-wide profits for third quarter (3Q) 2021 hit COP$375 billion (US$96 million), up from COP$78 billion (US$20 million) in 3Q 2020.

Revenues hit COP$4.1 trillion (US$1.05 billion), up from COP$3.45 trillion (US$877 million) in 3Q 2020, while earnings before interest ,taxes, depreciation and amortization (EBITDA) rose to COP$1.16 trillion (US$298 million), compared to COP$857 billion (US$220 million) in 3Q 2020.

For the first nine months of 2021, net income has skyrocketed by 477% year-on-year, while revenues are up 14% year-on-year, to COP$11.9 trillion (US$3.06 billion), according to the company.

“In the construction materials business, cement sales volumes showed favorable dynamics during the quarter with an increase of 12%, consistent with the good economic performance recorded in all Cementos Argos regional offices,” the company noted.

“In infrastructure, the company began the execution of the contract to supply the concrete for one of the main works of the Bogotá Metro, which over the next 14 months will demand about 100,000 cubic meters of material.

“The airport concessions business registered in September the highest number of passengers mobilized since the [Covid-19] confinement measures began, with 2.4 million people, and also with a positive net result, this being the first quarter with a favorable balance since 2020.

“On highways, all Odinsa concessions are operating under normal conditions with a traffic of 128,000 vehicles per day on average, 70% higher than the same period in 2020 and 68% higher than the same period in 2019,” the company added.

Colombia Tops 50 Million Covid-19 Vaccinations

Thursday, 11 November 2021 11:34 Written by

Colombia’s Ministry of Health announced November 11 that as of midnight two days ago (November 9), more than 50 million shots of Covid-19 vaccine have now been applied here nationally.

Of that total, more than 22.3 million people have completed their required two-shot (or in the case of Jannsen, one-shot) regimen, while 27 million have received at least one shot.

Meanwhile, the Ministry added that more than 500,000 children here between the ages of three and 11 have been vaccinated against Covid-19 -- more than 7% of the total of this group of children, since this group started getting shots November 1.

While the Ministry noted that such children are in general less vulnerable to the most dangerous effects of Covid-19 – that is, compared to elderly people and other people with co-morbidities – nevertheless 253 children under 18 years old here have died of Covid-19, while more than 400,000 have been sickened by this virus, according to the Ministry.

Meanwhile, Medellin officially reported November 10 that 3.13 million people here have gotten Covid-19 shots, of which 1.46 million have now completed the two-dose regimen while another 1.64 million have gotten at least one shot.

As for all of Antioquia (including metro Medellin), more than 7.1 million shots against Covid-19 have been administered here, with 2.65 million having now completed their two-shot regimen, according to the Antioquia departmental government.

On more positive fronts, millions of doses of Covid-19 vaccines from various manufacturers have arrived or are arriving in Colombia this month, boosting crucial supplies to cities nearly everywhere here.

Among this new flood of supplies: 2.2 million more doses of Biontech/Pfizer vaccines, generously donated by the government of Germany.

As a result, Colombia now has ensured that it has enough vaccines already available here to meet its target of having 70% of its population vaccinated against Covid-19 by year-end 2021, according to the Ministry.

Meanwhile, the Ministry began offering reinforcement doses to populations 70-years and older since October, then added the cohort of those 60-to-69 since November 5.

A popular version of third-dose-reinforcement here involves administering AstraZeneca vaccines to those earlier vaccinated with Sinovac vaccine -- resulting in a statistically valid 97% effectiveness against dangerous levels of Covid-19 infection, according to the Ministry.


Medellin-based multinational cement/concrete giant Cementos Argos reported November 8 a 68% year-on-year hike in third quarter (3Q) 2021 net income, to COP$73 billion (US$18.8 million).

Comparable earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 2.4%, to COP$473 billion (US$122 million), “due mainly to the good performance of Colombia in a combination of better market environment and commercial efforts to increase the company’s exposure to the retail segment,” according to Argos.

Meanwhile, 3Q 2021 revenues rose 5.3% year-on-year, to COP$2.36 trillion (US$609 million).

“Strong market dynamics during the quarter led to like-for-like increases in 3Q 2021 consolidated cement and ready-mix volumes of 11.9% and 5.7% respectively versus 3Q 2020,” according to the company

Meanwhile, cement prices rose by 1.1% and ready-mix concrete by 2.3% year-on-year in the U.S. region and the Central America/Caribbean region saw cement prices jump 6.1%, according to the company.

As for the future, “approval of the US$1.2 trillion bipartisan infrastructure deal in the U.S. sets out a favorable environment for increased demand in Argos’ most relevant market,” according to the company.

“Argos holds a privileged position given its capacity to locally produce clinker and cement in each of the regions where we operate,” added Cementos Argos CEO Juan Esteban Calle.

“Additionally, the strategic geographic location of our network of ports and our own fleet of vessels facilitate the integration of the Cartagena plant --one of the most efficient in the Americas -- with the grinding stations and ready-mix operations in the U.S. and the Caribbean,” he added.

U.S. Region Results

The U.S. region operations saw cement sales volumes rise 11.6% while ready-mix concrete volumes rose 1.5% versus 3Q 2020.

“These results are particularly good taking into account the challenging weather conditions of places like Houston and Georgia, which exhibited during the quarter the highest number of bad weather days in the last four and five years, respectively,” according to Argos.

“These improvements in volumes are due mainly to the economic reactivation of the country, especially of the oil industry and the tourism sector, which are important drivers of economic growth in the regions where Argos operates in the U.S.,” the company added.

“Market dynamics continue to be positive in the residential segment. Housing starts and building permits increased during the quarter 8.7% and 6.2% year over year, confirming the continuation of the positive trend on this segment.”

Colombia Results

Meanwhile, the Colombia market experienced “full recovery of demand across the country, following the social unrest experienced on April and May. Argos’ dispatches of both cement and ready-mix evolved accordingly, increasing 14.4% and 9.3% respectively versus 3Q 2020,” according to the company.

“These improvements are associated to the commercial efforts deployed by the company to increase its exposure to the retail segment, in the case of cement, and to the improvement of the formal construction sector following the pandemic, in the case of ready-mix.

“In terms of pricing, the cement segment remained stable sequentially, while ready-mix prices decreased 1.9% versus 2Q21.

“The commercial dynamics of the market continue to improve. On residential construction, year to date sales of social [government-subsidized] and non-social housing grew 48% and 47% respectively year over year, and housing starts reached in July a new all-time high monthly figure, signaling the continuation of the positive trend on this segment.

“Additionally, the infrastructure pipeline of the country remains strong with projects such as Santana-Mocoa-Neiva, Malla Vial del Meta and Malla Vial del Valle [highways] which are scheduled to begin construction in 2022.”

Caribbean-Central America Region Results

In this region, “cement dispatches increased 10.1% year over year, mainly due to the 71.3% increase in the trading business. This positive performance of the trading segment is an indirect effect of the exports to the U.S., which have grown consistently compared to the previous year, accounting for 109,000 tons exported to the U.S. during the quarter and 272,000 tons during the entire year,” according to Argos.

“Volume evolution versus 3Q 2020 was steady in the case of Dominican Republic, positive in Honduras, Panamá and the French Guiana, and negative on the case of Haiti and Puerto Rico.

“Haiti was affected by a combination of social and political uncertainty, together with technical difficulties in the plant derived from the earthquake of mid-August.

“Puerto Rico was affected by a higher comparison base for 3Q 2020 derived from the pent-up demand following the quarantines experienced during the pandemic. All the other countries benefited from good commercial dynamics.

“Across the region, average prices increased 6.1% year over year, reaching the highest average quarterly price of the last two years, resulting from the combination of recovering local market and the increase in import parity prices,” the company added.

Cementos Argos now operates in 16 countries with favorable market positions in the U.S., Colombia, Caribbean/Central America and total annual capacity of 23 million tons of cement and 14.4 million cubic meters of concrete, according to the company.

Fabricato 3Q 2021 Profits Soar Year-on-Year

Sunday, 07 November 2021 10:11 Written by

Medellin-based textile giant Fabricato reported November 6 that its third quarter (3Q) 2021 net profit came in at COP$11.1 billion (US$2.86 million), a big reversal from the COP$3.3 billion (US$852,000) net loss in 3Q 2020.

As for the first nine months of 2021, net income reached COP$12.1 billion (US$3.1 million), up from a COP$22 billion (US$5.7 million) net loss for the first nine-months of 2020.

Earnings before interest, taxes, depreciation and amortization (EBITDA) for nine-months 2021 jumped 386% year-on-year, to COP$41.5 billion (US$10.7 million), with EBITDA margin at 13.3%, up sharply from 3.2% in nine-months 2020.

“The textile operation accounted for 96% of total EBITDA,” according to Fabricato.

Revenues through nine-months 2021 are up 55% year-on-year, to COP$311 billion (US$80 million), the company added.

“So far this year, we have achieved positive operating profit and EBITDA every month,” Fabricato reveraled in its filing with Colombia’s Superfinanciera oversight agency.

Through September 2021, “we present the highest gross profit of the last seven years, at a value of COP$58 billion [US$15 million],” the company added.

Meanwhile, technological innovation is moving hand-in-hand with improved profitability, according to Fabricato.

“Recently, machines were acquired to recover cotton from used garments, and investments will be made aimed at optimizing/reusing the water and some chemicals used in the textile process, thus contributing to mitigating the environmental impact of disposal of textiles in landfills and contributing to the circular economy.

“They will be in operation in early 2022 with great environmental benefits and cost optimization,” according to the company.

Also boosting results: “We increased self-generation of energy with respect to 2019 in the same period of time by 30% with a positive impact on cost,” according to Fabricato.

“The focus on making the company profitable both in the textile operation and in the real estate activity continues, complemented by rigorous monitoring of spending efficiency.

“Despite the international crisis in the supply of raw materials, we have lowered the average lead times of the different production lines by between 15% and 20%, compared to 2019.

“The quality index of all production lines has been improved between 2 and 3 basis points, compared to 2019.

“Labor productivity measured in meters produced per capita rose 20% compared to 2019.

“The various structural factors that are manifested by global shortages and logistics restrictions worldwide will continue to arise and for this we have prepared ourselves with improvements and efficiencies in all areas of the company,” the company added.

Medellin-based electric power giant Celsia – a division of Grupo Argos – on November 4 reported third quarter (3Q) 2021 net income of COP$105 billion (US$27 million), up 51.8% year-on-year.

Revenues in 3Q 2021 climbed 19.4%, to COP$978 billion (US$252 million), while consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 23%, to COP$316 billion (US$81 million).

For the first nine months of 2021, revenues are up 9.8%, to COP$2.89 trillion (US$745 million), consolidated EBITDA is up 7%, to COP$966 billion (US$249 million) and consolidated net income is up 22%, to COP$309 billion (US$79.5 million), according to the company.

Meanwhile, capital spending so far in 2021 has hit nearlyCOP$1 trillion (US$257 million), according to the company.

On the “green energy” front, Celsia recently won a 225 gigawatt-hour renewable energy auction that will be supplied by the “Celsia Solar Escobal 6” solar photovoltaic farm to be built in Ibagué.

“Celsia Solar Escobal is part of our goal of having more than 25% of our installed power in non-conventional renewable energies,” added Celsia CEO Ricardo Sierra. “For next year we will multiply our capacity for unconventional renewable energy in Colombia by 18 times, compared to 2017.”

On a related “green” front, Celsia announced it has now cut the intensity of its CO2 emissions by 76% compared to 2015, while its similarly environment-friendly “ReverdeC” program -- aiming to protect vulnerable water basins -- has resulted in planting of 1.5 million trees over 4,452 hectares.

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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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