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

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

Economy & Finance

Medellin, Antioquia Likely to See 3% GDP Growth in 2018: Chamber of Commerce

Medellin Herald March 16, 2018

The Chamber of Commerce of Medellin for Antioquia (CCMA) projects that Antioquia likely will see 3% growth in gross domestic product (“PIB” in Spanish initials) this year, up from 2.2% last year. As noted in a March 15 bulletin from Confecamaras (the Colombian national association of chambers of commerce), Antioquia out-performed Colombia nationally last year, […]

General News

Colombia’s Economic Slowdown Penalizes Medellin in ‘Como Vamos’ Survey

Medellin Herald March 16, 2018

The annual “Medellin Como Vamos” (“how are we doing?”) citizen survey released March 15 finds that while most Medellin residents remain relatively optimistic, Colombia’s economic slowdown in 2017 pushed the favorability index downward. The face-to-face survey in November 2017 of 1,500 residents across all zones and all socio-economic strata found that in general —

Companies

Pactia’s Colombia, U.S. Real-Estate Development Fund Sees 2017 Profits Jump 41.8%

Medellin Herald March 14, 2018

Private real estate development fund Pactia – administered by Medellin-based Fiduciaria Bancolombia – on March 14 announced that full-year 2017 net income jumped 41.8% year-on-year, hitting COP$132 billion (US$46 million). Gross income also rose 25% year-on-year, to COP$224 billion (US$78.7 million), while earnings before interest, taxes, depreciation and amortization