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Medellin-based multinational insurance, health care and asset-management group Grupo Sura announced August 12 that its second quarter (2Q) 2022 net income rose 30.7% year-on-year, to COP$603 billion (US$145 million) – its best quarterly performance in seven years.

Total revenues likewise rose 23%, to COP$7.5 trillion (US$1.8 billion), an all-time quarterly record, according to the company.

“This growth in revenues was mainly due to a positive level of performance with the insurance business, which produced a growth in written premiums of COP$1.6 trillion [US$384 million], offset by a drop in fee and commission income, corresponding mainly to the mandatory pension business in Mexico, which fell by COP$38 billion [US$9.1 million], a decline of 4.7% compared to the same quarter last year,” according to Sura

“Investment income increased by COP$340.7 billion [US$81.8 million] compared to the second quarter last year, representing a growth of 84.5%. These results are largely accounted for by the positive levels of performance recorded by the Suramericana portfolios, where inflationary pressures and rising interest rates throughout the region continue to produce higher yields in the Chilean, Colombian and Brazilian portfolios,” the company added.

However, revenues from Sura AM’s legal reserves “continued to be affected by the losses in value sustained on different financial markets throughout the region,” the company added.

Revenues from Sura’s stock holdings in Bancolombia, Nutresa and Grupo Argos generated a 61% year-on-year gain in 2Q 2022, netting an extra COP$397 billion (US$95 million), according to the company.

Retained insurance claims rose 25% year-on-year, by COP$811 billion (US$195 million), according to the company.

“The claims rate continued to be affected by increased average costs corresponding to the [vehicle insurance claims] in the case of Suramericana as well as increases in the health care division due to a change in the mix, where the mandatory health care subsidiary (EPS) has a greater weighting, partially mitigated by a drop of COP$668 billion [US$160 million] in the claims relating to Covid compared to the second quarter last year,” according to the company.

While operating expenses rose 17.5% year-on-year, that was 5.5% lower than the increase in the company’s total revenues, according to Sura.

Grupo Argos 2Q Net Income Rises 5% Year-on-Year

Saturday, 13 August 2022 09:38 Written by

Medellin-based multinational cement, electric power, highways/airport concessionaire and real-estate giant Grupo Argos announced August 12 that its second quarter (2Q) consolidated net income rose 5% year-on-year, to COP$411 billion (US$98.7 million).

Revenues jumped 46% year-on-year, to COP$5.9 trillion (US$1.4 billion), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 7%, to COP$1.39 trillion (US$334 million).

The Cementos Argos division produced the highest revenues in the group, at COP$5.4 trillion (US$1.3 billion), followed by the Celsia electric power division (COP$2.5 trillion/US$600 million), the highway/airport concessions businesses (COP$921 billion/US$221 million) and finally the Pactia real estate joint venture (COP$159 billion/US$38 million).

“Increased revenue from financial activity during 2Q 2022 is mainly explained by good business performance and by non-recurring revenues for Grupo Argos from sales and contributions to the roadway division (FCP Odinsa Vías),” according to the company.

On the other hand, operating-cost-hikes pinched results, “especially in the cement business where the cost of fuel increased substantially,” the company added.

The new “FCP Odinsa Vias” 50-50 joint venture with Macquarie Asset Management is now operating major highway concessions in Colombia, including “Autopistas del Café,” “Malla Vial del Meta,” “Pacífico 2” and “Túnel Aburrá Oriente.”

The new joint-venture will continue projects including expansion of the existing “Túnel de Oriente” highway-tunnel project linking Medellin eastward to the Jose Maria Cordova (JMC) airport in Rionegro, Antioquia, as well as the “Perimetral de la Sabana” highway in Cundinamarca and the “Conexión Centro” highway in Colombia’s southwest coffee-growing region.

“Divestment of 50% of our share in the roadway concessions and the subsequent incorporation of ‘FCP Odinsa Vías’ give rise to certain accounting changes for Odinsa, which come into effect as of June [2022],” the company explained.

“These changes imply deconsolidation of the Autopistas del Café, Malla Vial del Meta, and Túnel Aburrá Oriente concessions and consortiums, which will now each have a single entry in Odinsa’s financial statements as a joint business under the equity method,” the company added.

Medellin-based multinational banking giant Bancolombia announced August 9 that its second quarter (2Q) 2022 net income rose 2.76% year-on-year, to COP$1.73 trillion (US$405 million).

Gross loans totaled COP$243 trillion (US$56.8 billion), up 19.4% year-on-year. “When excluding the foreign-exchange effect, the increase during the last twelve months was 15.3%,” according to the company.

Commercial loans grew 18.8% while consumer loans grew 23.5%, according to the company.

“Net interest income before provisions increased 16.6% and totaled COP$4.3 trillion [US$1 billion],” according to Bancolombia.

“Net interest margin expanded from 6.0% in 1Q 2022 to 6.7% in 2Q 2022. This performance is mainly driven by the loan portfolio growth of 9.3% in the latest quarter and loan portfolio repricing as an effect of the contractionary monetary policy in Colombia.”

Among the loan portfolios,”30-day past due loans stood at 3.86% and 90-day past due loans at 2.72%. Total provision charges, net for 2Q 2022, was COP$613 billion [US$143 million], which indicates a lower release compared to 1Q 2022 and higher provisions in the consumer and commercial portfolio in line with the growth of the loan book,” the company added.

“Basic solvency stood at 10.28% and the total consolidated solvency ratio was 12.93% for 2Q 2022, decreasing mainly because of the loan dynamism and the depreciation effect, but widely exceeding the minimum regulatory requirements.”

As for its digital banking segment, “Bancolombia shows a positive trend in line with 2021 results. As of June 2022, the bank has 7 million active digital customers in the retail app, as well as 19.3 million accounts in its financial inclusion platforms: 6.3 million users in ‘Bancolombia a la Mano’ and 13 million in ‘Nequi,’” the company explained.

“During the second quarter 2022, the Colombian peso depreciated 10.5% against the US dollar and has depreciated 10.7% in the last 12 months. The average exchange rate was 0.1% higher in 2Q 2022 versus 1Q 2022, and 7.9% higher in the last 12 months.

“During the last 12 months peso-denominated loans grew 16.9% and the dollar-denominated loans (expressed in US dollars) grew 12.4%,” the company added.

Operations at its “Banco Agricola” subsidiary in El Salvador, “Banistmo” in Panama and “BAM” in Guatemala represented 27.5% of total gross loans for 2Q 2022.

“Likewise, the gross loans denominated in currencies other than COP -- generated by operations in Central America, the international operation of Bancolombia Panamá, Puerto Rico and the US dollar-denominated loans in Colombia -- accounted for 35.4% of the portfolio, up 16.2% (when expressed in COP) as well as 5.2% as expressed in US dollars,” the company added.

“During 2Q 2022, the loan portfolio at a consolidated level continues with good dynamism in all geographies. Growth in commercial and consumer markets are remarkable. Banco Agricola reported the highest quarterly growth (6.5% when measured in US dollars), mainly driven by the commercial portfolio, which grew 11.2% and reached 45.3% of the total loan portfolio.

“Consumer loans grew 3.6% in the quarter, but slightly declined to 40.4% in terms of loan book share compared to 1Q 2022. Banco Agricola is closely followed by the Colombian operation, which presents an increase of 6.4% in the loan portfolio for 2Q 2022, driven by commercial and consumer.

“Banco Agromercantil reports a stable performance across all loan portfolio segments for 2Q 2022, growing at 1.9% consolidated in US dollars. The consumer portfolio continues increasing its loan book share, reaching 16.8% for this quarter, in line with the good performance experienced in 2021.

“Banistmo grew 1.8% (measured in US dollars) in the loan book during the quarter, basically due to the positive dynamics of the commercial portfolio, which grew 3.6% for the quarter and continues to be the largest share in the credit portfolio,” the company added.

Medellin-based multinational cement/concrete giant Cementos Argos announced August 8 that its second quarter (2Q) 2022 net income fell 97% year-on-year, to COP$5 billion (US$1.15 million).

“Net income decreased due to non-recurring operations of asset sales that were reflected in the results of the second quarter of 2021,” according to the company.

However, revenues jumped to an all-time quarterly high of COP$2.8 trillion (US$648 million), up 15% year-on-year.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 2.6%, to COP$525 billion (US$121 million), according to the company.

“Ready-mix volumes were favored by solid sales dynamics, especially in the United States and Colombia,” according to the company. “Record revenues were mainly leveraged by the company's commercial strategy and by the higher volumes.”

The company also cited “stable operating results in an environment of high-cost inflation, thanks to the success of its commercial strategy in all geographies, the flexibility of its fuel matrix and the partial hedging of fuel prices.

As for its efforts to cut “global warming” emissions, “the company began a pilot test for the use of calcined clay in the United States and expects to reach production of 3 million tons of clay per year in all of its geographies by 2030, which translates into the production of green cement and concrete,” according to Argos.

Colombia Results

In Colombia, “strong market dynamics continued during the second quarter of the year were supported by the retail segment, residential construction and infrastructure projects,” according to Argos

As a result, Colombia revenues grew 27.1% year-on-year, to COP$678 billion (US$157 million), while adjusted EBITDA increased 12.7%, to COP$136 billion (US$31 million).

“Continuing with the positive performance, concrete sales rose 25.1% and reached 656,000 cubic meters, cement sales increased 13.3%, for a total of 1.5 million tons shipped. Housing sales and the start of residential projects continue to be a support of the market. In terms of infrastructure, projects such as the Bogotá Metro and 5G [fifth-generation highway construction] will bring significant demand in the coming years,” the company added.

USA Results

USA revenues rose 7.5% year-on-year, to US$416 million, while adjusted EBITDA “remained stable at US$75 million, achieved in part by the US$11 million in savings derived from the fuels hedging strategy.”

As for sales volumes, “the company experienced strong demand across most of its operations. Therefore, dispatches of ready-mix rose 6.4% and totaled 1.2 million cubic meters, as did cement dispatches, which also increased 6.4% and totaled 1.7 million tons,” according to Argos.

Caribbean and Central America (CCA) Region

For the CCA region, 2Q 2022 revenues were US$138 million, while adjusted EBITDA fell 18.8% year-on-year, at US$32 million, “affected by the combination of lower volumes in Honduras and Haiti and the already known inflationary pressures,” according to Argos.

“In this region, shipments of concrete were positive, increasing 58.9% and stood at 71,000 cubic meters. For its part, cement volumes reached 1 million tons, with an improvement in those of the local market with respect to the first quarter of the year, but a lower dynamic on the trading business, which resulted in a decrease in shipments of 30% cement. If this line is excluded, cement volumes fell 4.7%.”

Colombia’s new Finance Minster Jose Antonio Campo on August 8 unveiled a 130-page tax proposal to the national Congress -- aiming to boost tax collections by COP$25 trillion (US$5.8 billion) next year, then gradually increasing each of the following three years, hitting COP$50 trillion (US$11.58 billion) by 2026.

The proposed scheme generally follows promises made by Colombia’s newly sworn-in President Gustavo Petro to boost taxes on wealthier individuals and corporations, as well as producers of hydrocarbons and minerals (mainly oil, gas, coal and gold), new taxes on unhealthy sugary drinks and foods, on waste plastics, on profitable stock dividends, and reductions in many current tax exemptions.

If approved by Congress, the new scheme aims to slash income inequality and drastically reduce poverty levels at a rate nine-times that of prior tax-and-spending reforms over the past 14 years, according to Campo.

“The progress that the country has had in terms of health and education coverage, among others, must be maintained and accelerated to heal a deteriorated social fabric,” Campo states in the tax proposal.

“This tax reform project aims to advance fundamentally in two dimensions. First, by reducing the inequitable exemptions enjoyed by individuals with higher incomes and some companies, as well as closing avenues for tax evasion and avoidance,” he added.

A new “wealth tax” (patrimony) --considered by many nations including the U.S. as counter-productive -- would hit people with liquid assets exceeding COP$3 billion (US$695,000), generating about COP$2.66 trillion (US$616 million ) in extra revenues next year. The principal residence would be excluded from the “patrimony” calculation, but second-homes and vacation-homes would be included.

Workers and business owners with incomes exceeding COP$10 million (US$2,315) monthly would be hit by higher income taxes, generating an extra COP$5.45 trillion (US$1.26 billion) in revenues in 2023.

Higher corporate income taxes would bring-in an extra COP$5.1 trillion (US$1.18 billion) next year, while higher taxes on hydrocarbons and minerals (including gold) would bring-in another COP$7 trillion (US$1.6 billion) extra next year.

New carbon taxes (the CO2 emitted by burning hydrocarbons) would net another COP$2.5 trillion (US$579 million), while taxes on sugary drinks and high-sugar-content processed foods would add another COP$2.2 trillion (US$510 million) in new revenue, according to the proposal.

While higher taxes on higher-wage workers and higher-income business people would dampen their spending, transfers of these higher taxes to poorer people would result an a “marginally positive” boost to gross domestic product (GDP) “in the coming years,” according to Campo.

“Distortions that could derive from the increase in effective tax burdens would be mitigated by the positive effects of the use of these resources in greater transfers to households of low income and an increase in public investment,” he claimed.

As for the net impact on poorer populations, simulation-studies indicate that “the gain in welfare of the first four years -- defined as the sum of the utilities for each year, brought to present value -- would be equivalent to increasing the current consumption of these poorer households by 7.5%.

“In contrast, this reform would decrease the welfare of higher-income households, on account of the higher tax burden they would face, although the effects would be minor compared to the gain in well-being of lower-income households.”

Meanwhile, “the incidence of monetary poverty would be reduced by 3.9 percentage-points, reflecting a fall of 10% in the total population living in poverty, while extreme poverty would decrease by 4 percentage points, which would represent a percentage decrease of 32.4% of the population living in extreme poverty in 2021,” according to the proposal.

Meanwhile, the tax-revenue transfers to poorer populations would cut the current “Gini” index of inequality by “nine times the average annual reduction of the last 14 years,” he said.

Colombia Former VP German Vargas Lleras Responds

In an opinion column published in Colombia’s biggest daily newspaper (El Tiempo), former Colombia Vice-President German Vargas Lleras sees serious issues with certain parts of the proposed tax reform.

“I am concerned that with the introduction of new taxes and the increase in some rates we will continue to deepen our loss of competitiveness, the outflow of capital will continue and it will not be possible to attract new investment, either local or foreign,” Vargas Lleras states.

“I had the opportunity to present to the appointed Finance Minister my concern about the return of non-technical taxes such as wealth. To this is added the increase in the tax on dividends and occasional profits by 100% and the dismantling of the discount in the ICA [industrial/commercial tax deductions] and the creation of new taxes such as those proposed for the mining-energy sectors, among others . . .

“How are we going to guarantee our energy security? With what does the [Petro government] think to replace the enormous income [from state oil company Ecopetrol] that just in this first half of 2022 represented US$16 billion [in government revenues] and is 54% of all our exports?”

Celsia 2Q 2022 Net Income Dips 23% Year-on-Year

Saturday, 06 August 2022 10:00 Written by

Medellin-based electric power producer Celsia (a division of Grupo Argos) announced August 5 that its second quarter (2Q) 2022 net income fell to COP$152 billion (US$35 million), a 23% decline from the COP$198 billion (US$51 million) net in 2Q 2021.

Consolidated 2Q 2022 revenues hit COP$1.21 trillion (US$279 million), with 89% of that coming from Colombia operations (COP$1.08 trillion/US$249 million). The other 11% came from Central America operations (COP$132 billion/US$30 million), according to the company.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) reached COP$458 billion (US$105 million) in 2Q 2022, of which Colombia accounted for COP$397 billion (US$91 million). Celsia credited the positive results to higher total power sales along with recent upgrades to power distribution networks.

EBITDA margin in the latest quarter came-in at 37.9%.

Meanwhile, for the first half (1H) of 2022, consolidated net profit so-far totals COP$318 billion (US$73 million), while net 1H 2022 investments totaled COP$827 billion (US$190 million), mainly in “expansion and technological updating of networks, as well as the growth of solar-power farms,” according to the company.

Celsia added that it closed the latest quarter with a consolidated debt of COP$5.13 trillion (US$1.18 billion) and a leverage ratio of 3.04-times debt to-EBITDA.

Medellin-based textile/clothing trade group Inexmoda announced July 29 that the annual Colombiamoda/Colombiatex trade show here attracted an all-time-record of nearly 50,000 attendees, while latest statistics show that Colombian clothing sales are up 9% so far in first half (1H) 2022 versus 1H 2021.

Among those attending the annual show here were some 25,000 admirers at fashion catwalks, as well as 11,300 buyers from 47 nations mingling with 476 exhibitors at the trade show.

What’s more, another 18,500 people attended the annual “wisdom and trends forum” presentations at “Knowledge Pavilion” events.

“Tourist spending for this 33rd edition of Colombiamoda+Colombiatex 2022 is higher than that seen in past editions, due to the record attendance at the event and which, in addition, meant a hotel occupancy of 91.7%,” the trade group noted.

“Colombiamoda+Colombiatex 2022 showed that it is an opportune moment to boost the fashion system and boost the economic growth that the industry has experienced this year,” added Inexmoda President Carlos Eduardo Botero.

Exhibitors showed-off the latest trends in footwear and leather goods, jeanswear, formal casual, beachwear, intimate wear, children’s wear, textiles and supplies, with participants including those from Uruguay, Mexico, United States, Portugal, along with key textile/clothing producers from the Colombian departments of Antioquia, Cundinamarca, Santander, Norte de Santander and Valle del Cauca.

Through 1H 2022, Colombian clothing sales to date have hit COP$14 trillion (US$3.28 billion), while 1H 2022 Colombian exports of textiles and clothing so far have jumped 26% year-on-year, to US$439 million, according to Inexmoda.

For all 12 months of 2022, Inexmoda now expects spending on clothing here to top COP$29.6 trillion (US$6.9 billion), up 6.8% year-on-year, while Colombia textile/clothing exports are likely to rise 15% year-on-year, to US$931 million.

Medellin-based multinational gold miner Mineros SA on August 3 reported a 10% year-over-year hike in net income for second quarter (2Q) 2022.

Revenue likewise rose 7% year-on-year, to US$137 million, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 12%, to US$46.7 million.

Gold production also rose by 10% year-on-year, to 74,062 ounces, according to the company.

“Along with increased production, the company has seen reductions in both the all-in sustaining-cost per ounce of gold sold and the cash-cost per ounce of gold sold, compared to the same period in 2021,” added Andrés Restrepo, Mineros CEO.

Net debt-to-adjusted-EBIDTA ratio fell 57%, to 0.11-times, “following repayment of project acquisition loans,” according to the company.

During the latest quarter, Colombia’s environmental licensing authority (ANLA) approved Mineros’ application for its Nechí alluvial property, “sufficient to support planned operations for a four-year period,” according to the company.

Meanwhile, Mineros also received environmental-management and health-and-safety-management certifications for its Hemco mining operations in Nicaragua.

At its Gualcamayo mining property in Argentina, Mineros is undertaking more drilling “to upgrade mineral resources, provide material for metallurgical test work, resource expansion and evaluation of the remaining gold in the heap leach pads,” the company added.


ISA 2Q 2022 Net Income Rises 14% Year-on-Year

Tuesday, 02 August 2022 08:53 Written by

Medellin-based multinational electric-power transmission, highways concessionaire and telecom provider ISA announced August 1 that its second quarter (2Q) 2022 net income rose 14.4% year-on-year, to COP$670 billion (US$155.7 million).

Operating income rose 10% year-on-year, to COP$1.9 trillion (US$441.7 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) likewise rose 10%, to COP$2.2 trillion (US$511 million).

The boost in net income came “mainly due to the positive effect of inflation in Brazil (IPCA) and Colombia (IPP) on operating revenues and a lower tax expense due to the incorporation of Brazilian capital interest in the effective tax rate,” according to ISA.

On the other hand, net income “was partially reduced by higher financial expenses due to the effect of higher inflationary indexes, mainly in Chile and Brazil,” the company added.

Net margin for 2Q 2022 came-in at 20.6%, while return on equity was 11.1%, according to the company.

During the latest quarter, investments totaled COP$846 billion (US$197 million), including 33 energy transmission projects totaling more than 4,900 kilometers of new power lines.

Consolidated financial debt totaled COP$29 trillion (US$6.7 billion), up 3.1% year-on year.

ISA’s debt/EBITDA ratio closed at 4.05-times, “maintaining adequate levels to continue supporting the growth of ISA and its companies and to maintain the current credit rating,” the company added.

Electric-power transmission revenues rose 12% year-on-year, to COP$225 billion (US$52 million), due to entry-into-service of projects in Peru, Brazil, Chile and Colombia.

Among the revenue boosts from power start-ups, highway/telecom expansion projects and price-indexing effects during 2Q 2022:

Colombia: higher power revenues of COP$108 billion (US$25 million).

Brazil: higher revenues of COP$51 billion (US$11.8 million), “mainly due to the positive effect of the inflation adjustment of revenues in ISA CTEEP [power tariffs].”

Peru: higher revenues of COP$41 billion (US$9.5 million), “mainly due to higher revenues in energy transmission contracts” as well as “the favorable effect resulting from the exchange rate in dollars to pesos.”

Chile: higher revenues of COP$16 billion (US$3.7 million), “mainly due to the entry into operation of new projects and the increase in Producer Price Index (IPP) and Consumer Price Index (IPC).”

Road concessions: increase in revenues of 110% “mainly due to higher returns on financial assets and higher revenues from the operation and maintenance of concessions and toll management in Chile, and higher revenues from the Ruta Costera concession.”

Telecommunications: increase in revenues of 7.7% “mainly due to higher sales of connectivity services, sales of internet and ethernet capacities and other telecommunications services in Colombia and Peru, and the growth of the ‘Over the Top Operators’ segment in Colombia,” the company added.

Medellin-based multinational utilities giant EPM announced July 29 that its first half (1H) net income rose 10% year-on-year, to COP$2.1 trillion (US$491 million), versus COP$1.9 trillion (US$483 million) in 1H 2021, even while the net margin actually dipped two percentage points.

Revenues rose 28% year-on-year, to COP$15 trillion (US$3.5 billion), versus COP$11.7 trillion (US$2.97 billion) in 1H 2021.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 34% year-on-year, to COP$4.7 trillion (US$1.09 billion), versus COP$3.5 trillion (US$890 million) in 1H 2021.

Investments in infrastructure projects during 1H 2022 amounted to COP$2 trillion (US$467 million), according to EPM, which is 100% owned by the city of Medellin.

“Of the COP$1.8 trillion [US$420 million] that EPM will transfer to the city of Medellin during 2022, in the first half of this year we have already paid COP$1.2 trillion [US$280 million), up 28% year-on-year,” according to the company.

Of the COP$2 trillion (US$467 million) invested in infrastructure so far this year, COP$887 billion (US$207 million) went for continuing development of the 2.4-gigawatt Hidroituango hydroelectric project in Antioquia, scheduled for initial startup of two generating units in October 2022.

“Thanks to the high volume of rains in Colombia and especially in Antioquia, plus the effect of the ‘La Niña’ weather phenomenon, the aggregate reservoir among EPM’s hydraulic power generation system rose from 90% to 100%,” according to the company.

“With this, the total energy generation of the EPM Group in the first half of the year was 9,578 gigawatt-hours, up 8% compared to the same period of 2021,” the company added.

“EPM’s diversified business portfolio and presence in Mexico, Panama, Guatemala, El Salvador, Colombia and Chile were also fundamental in the results achieved.

“Of the COP$15 trillion [US$3.5 billion] in revenues that we achieved in the Group in the first six months of 2022, the EPM parent company contributed 41%, foreign subsidiaries 28% and national subsidiaries of energy and water 31%.

“Of the total EBITDA of $4.7 trillion (US$1.09 billion), parent company EPM contributed 57%, the national subsidiaries of energy and water 25%, and foreign subsidiaries 18%. The Group's EBITDA margin was 31%, one percentage point higher than the same period last year.”

Electric power local distribution segment contributed 55% of the consolidated revenues, power-generation 29%, power-transmission 4%, natural gas 2%, water supply 7%, and wastewater and solid-waste management 3%, according to the company.

Grupo EPM now has assets totaling COP$69 trillion (US$16.1 billion), up 2%, while liabilities grew 4% year-on-year, to COP$ 40.7 trillion (US$9.5 billion), according to the company.

Financial indebtedness for both Grupo EPM and the EPM parent company now stand at 41%.

The debt to EBITDA ratio for EPM Group closed at 2.99, compared to 4.03 in 2021, while the debt/EBITDA ratio for the EPM parent company stood at 4.17, down from 5.17 from 1H 2021, according to the company.

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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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