General News

‘Puerto Antioquia’ Construction Would Start in 2018; Open in 2020

Medellin Herald November 17, 2017

Antioquia Governor Luis Perez announced November 15 the signing of a memo of understanding that would clear the way for starting construction in March 2018 of the US$600 million “Puerto Antioquia” ocean-freight port near Turbo. Signing the memo were the Antioquia departmental government and its

Companies

Grupo Argos 3Q 2017 Net Profit Grows 38%

Medellin Herald November 16, 2017

Medellin-based construction, electric power and cement giant Grupo Argos announced November 14 that its third quarter (3Q) 2017 consolidated net profit grew 38% year-on-year, to COP$452 billion (US$150 million). Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) for 3Q 2017 rose 28% year-on-year, to COP$1.2 trillion (US$398 million).

Companies

Construcciones El Condor Sees 3Q 2017 Profits Soar, but Conconcreto Net Falls

Medellin Herald November 16, 2017

Medellin-based construction giant Construcciones El Condor reported November 14 that its third quarter (3Q) 2017 net income nearly doubled year-on-year, to COP$15 billion (US$4.9 million), from COP$8 billion (US$2.6 million) in 3Q 2016. Operating income also jumped in the latest quarter, to COP$262 billion (US$87 million), from COP$163 billion (US$54 million) in 3Q 2016.

Companies

Exito 3Q 2017 Net Loss Improves Year-on-Year

Medellin Herald November 16, 2017

Medellin-based multinational supermarket giant Grupo Exito reported November 14 that its net loss for third quarter (3Q) 2017 came in at COP$31 billion (US$10 million), a big improvement over the 3Q 2016 net loss of COP$100 billion (US$33 million). Net revenues grew 8.5% year-on-year, to COP$13.9 trillion (US$4.6 billion), while gross profit improved 5.3%, to […]

Companies

Grupo Sura 3Q 2017 Net Income Falls Year-on-Year; Completes Mexico Swap

Medellin Herald November 16, 2017

Medellin-based insurance and pension-fund giant Grupo Sura announced November 15 that its third quarter (3Q) 2017 net income fell 11.6% year-on-year, to COP$460 billion (US$152 million). For the January-through-September nine months 2017, net income fell 26.6% year-on-year, to COP$1 trillion (US$331 million). The decline came “mainly due to a negative impact of the

Companies

Mineros 3Q 2017 Profits Rise 7.46% Year-on-Year; Gran Colombia, Red Eagle Post Losses

Medellin Herald November 14, 2017

Medellin-based gold mining giant Mineros SA reported November 14 that its consolidated third quarter (3Q) 2017 operating income rose 14% year-on-year, to COP$589 billion (US$195 million), while net income rose 7.46%, to COP$91 billion (US$30 million). In its mainly alluvial mining operations in Colombia, Mineros SA’s net income rose a slight 0.7% year-on-year, to COP$93

Companies

Cementos Argos 3Q 2017 Profits Drop 42% Year-on-Year

Medellin Herald November 11, 2017

Medellin-based multinational cement and concrete manufacturer Cementos Argos reported November 10 that its third quarter (3Q) 2017 net income fell 42% year-on-year, to US$22 million, down from US$38 million in 3Q 2016. However, operating income grew 3.9% year-on-year, to COP$2.19 trillion (US$728 million), according to the company. Cement deliveries also grew 16.7%

General News

EPM Buys Rionegro’s ‘E.P. Rio’ Public Utility; Plans Big Water, Sewage-Treatment Investments

Medellin Herald November 9, 2017

Medellin-based multinational utilities giant EPM announced November 9 that it has completed the buyout of 100% of the stock-and-assets of neighboring Rionegro’s “E.P. Rio” public utility, following which EPM aims to invest COP$550 billion (US$183 million) in water-and-sewage infrastructure in coming years. Under the deal – finally approved by Rionegro’s municipal

Companies

Medellin-Based Exporters Hail 1st-Ever Colombian Avocado Shipments to U.S. Market

Medellin Herald November 8, 2017

Three Colombian industrial producers of Hass avocados – all based in the Medellin metro area — this month celebrated the first-ever exports of their products to the U.S. market. The companies – Cartama, Hasspacol and Westsole – are working with California-based Mission Produce to introduce Colombian Hass avocados to the U.S. market, following first-ever import […]

Companies

PharmaCielo Targets 2018 Start-up for Medical Marijuana Commercialization

Medellin Herald November 7, 2017

Having now won crucial Colombian government licenses for cultivation and production of medical marijuana products with “unlimited” percentages of tetrahydrocannabinol (THC) and cannabidiol (CBD), Toronto-based PharmaCielo now aims to launch production and commercial marketing in 2018. In a November 7 interview with Medellin Herald, Federico Cock-Correa, the