General News

ANI Touts Relaunch of Freight Railway Service Passing Through Antioquia

Medellin Herald April 11, 2018

Colombia’s Agencia Nacional de Infraestructura (ANI, the national infrastructure development agency) announced April 11 the successful relaunch of rail freight transport on a 522-kilometers-long line aiming to link Atlantic ports to the interior — passing through Antioquia on the way. ANI

General News

Medellin’s EPM Public Utility Making Impressive Financial, Social, Environmental Progress

Medellin Herald April 10, 2018

Medellin-based multinational utilities giant EPM on April 7 presented highlights of 2017 results including impressive growth in profitability along with expansion of water, power, garbage-collection, sewer and natural-gas services to thousands more customers in the metro area. In a press conference, EPM general manager Jorge Londoño de la Cuesta and Medellin Mayor Federico

Companies

Gran Colombia Gold 2017 Profits Rise, Red Eagle Mining Expands

Medellin Herald April 2, 2018

Canada-based multinationals Gran Colombia Gold (GCC) and Red Eagle Mining (REM) in late March both reported progress in their gold mining operations here in Antioquia during 2017. For GCC, adjusted net income for fourth quarter (4Q) 2017 nearly tripled, to US$9.1 million, from US$3.4 million in 4Q 2016. Similarly, for full-year 2017, GCC’s adjusted net […]

Companies

Familia 2017 Net Income Doubles Year-on-Year; Expansions Continue

Medellin Herald March 25, 2018

Medellin-based multinational personal-hygiene products manufacturer Grupo Familia announced March 23 that its full-year 2017 consolidated net income more than doubled year-on-year, to COP$231 billion (US$81 million). Operating income also rose 75% year-on-year, to COP$343 billion (US$120 million), according to the company. Gross income rose slightly (just under 2%)

Companies

Fabricato, Coltejer 2017 Net Losses Worsen Year-on-Year; Rebound Seen in 2018

Medellin Herald March 22, 2018

Medellin-based textile manufacturer Fabricato announced March 21 its that full-year 2017 net loss grew to COP$6.4 billion (US$2.2 million), down from a COP$845 million (US$295,000) net loss in 2016. Earnings before interest, taxes, depreciation and amortization (EBITDA) fell to a negative COP$3.2 billion (US$1.1 million) , down from a positive COP$26.9 billion (US$9.4

Companies

Medellin’s ‘Ruta N’ Hails Konecta’s High-Tech Expansion Here

Medellin Herald March 22, 2018

Medellin’s “Ruta N” technology-company hosting center announced March 22 that Madrid-based Konecta now has 100 engineers working here — and exporting services to nine countries including Spain, Portugal, United Kingdom, Morroco, Argentina, Chile, México, Perú and Brazil. Konecta offers business process outsourcing (BPO, software development and a contact center for

Companies

EPM 2017 Net Profit Jumps 19% Year-on-Year

Medellin Herald March 21, 2018

Medellin-based multinational utilities giant EPM announced March 20 that full-year 2017 net profits rose 19% year-on-year, to COP$2.2 trillion (US$772 million). As a result, the city of Medellin – EPM’s sole owner — netted COP$1.2 trillion (US$421 million) in profit-sharing, accounting for roughly 20% of the city’s total finances. EPM also invested COP$2.5 trillion

Companies

Protección 2017 Net Income Rises 34% Year-on-Year

Medellin Herald March 21, 2018

Medellin-based pension-fund administrator Protección announced March 16 that its full-year 2017 net income rose 34% year-on-year, to COP$343 billion (US$120 million). Protección is one of the largest of the private pension funds in Colombia, and also owns the “AFP Crecer” pension fund in El Salvador. Earnings before interest, taxes, depreciation and amortization (EBITDA)

Companies

Mineros SA 2017 Profits Rise 32% Year-on-Year; Socially Responsible Projects Grow

Medellin Herald March 17, 2018

Medellin-based gold miner Mineros SA announced March 16 that its full-year 2017 net profits in Colombia rose 16% year-on-year, to COP$114.7 billion (US$40 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) in Colombia hit COP$187.9 billion (US$65.8 million), or 48% of sales. Corporate-wide, consolidated net income rose 32% year-on-year, to

Companies

Enka Full-Year 2017 Net Income Drops, but Exports Climbing

Medellin Herald March 16, 2018

Medellin-based recycled plastics textile manufacturing specialist Enka Colombia announced March 15 that its full-year 2017 net profit fell to COP$1.7 billion (US$595,000), down from COP$10.6 billion (US$3.7 million) in 2016. Colombia’s weak economy in 2017 combined with a 25% drop in domestic demand for textiles hurt Enka sales and profits — but growing exports