General News

ANI Touts Billion-Dollar Investments in Antioquia Highways, Ports, Airport Upgrades

Medellin Herald March 14, 2018

Colombia’s Agencia Nacional de Infraestructura (ANI) infrastructure-project agency president Dimitri Zaninovich on March 13 publicly hailed what he termed as multi-billion-dollar investments in “fourth generation” (4G) highways connecting Medellin and Antioquia to key ocean freight ports. In a

Editorial

Colombia Voters Pick Moderate for Presidential Candidate, Soundly Reject Socialism

Medellin Herald March 12, 2018

In an unprecedentedly massive primary turnout, Colombia’s voters on March 11 chose moderate presidential candidate Ivan Duque of the center-right Centro Democratico party to face-off against socialist-populist Gustavo Petro in this spring’s presidential elections. As the polls closed, the soft-speaking, diplomatic Duque publicly announced that he has chosen moderate

Companies

Stanley Black & Decker Opens Americas-Region Commercial Finance Center in Medellin: ACI

Medellin Herald March 8, 2018

U.S.-based global power tools, appliances and security-systems manufacturer Stanley Black & Decker just decided to make Medellin its new Americas-region financial services unit for commercial customers — creating 200 new jobs here over the next 12 months. According to Medellin’s business-development agency (Agencia de Cooperación e Inversión de Medellín y el Área

Companies

Conconcreto, Construcciones El Condor See 4Q 2017 Profits Dip Year-on-Year

Medellin Herald March 7, 2018

Medellin-based construction giants Conconcreto and Construcciones El Condor separately reported in late February that fourth-quarter (4Q) net earnings dipped slightly in 2017 versus 2016. For Conconcreto, net income fell 14.9% year-on-year in 4Q 2017 versus 4Q 2016, to COP$78 billion (US$27 million), while earnings before interest, taxes, depreciation and amortization

Companies

UNE EPM Cuts Net Loss in 2017 Versus 2016; Millicom Taking Long View

Medellin Herald March 6, 2018

Medellin-based UNE EPM – the minority shareholder in Colombia’s “TigoUne” cell-phone service partnership as well as related internet, cable TV and land-line services – announced last month that the company’s full-year 2017 consolidated revenues dipped slightly year-on-year, to COP$5.06 trillion (US$1.7 billion). Net loss in 2017 also improved year-on-year, to COP$40

General News

Japan’s Chamber of Commerce Opens New Office in Medellin

Medellin Herald February 27, 2018

Japan’s Ambassador to Colombia Keiichiro Morishita this month unveiled new offices in Medellin of the Japan Chamber of Commerce and Industry (CCI). The decision to open new offices here came following an initiative by local investment promotion agency ACI (Agencia de Cooperación e Inversión de Medellín). According to ACI, the new CCI office aims to […]

Companies

Nutresa Full-Year 2017 Profits Rise 6.2% Year-on-Year

Medellin Herald February 27, 2018

Medellin-based multinational foods giant Grupo Nutresa on February 22 reported a 6.2% year-on-year rise in profits for full-year 2017, hitting COP$420 billion (US$147 million). Consolidated sales rose 2.4% year-on-year, to COP$8.7 trillion (US$3 billion), after excluding sales in economically failing “socialist” Venezuela. In Colombia, sales rose 2.5% year-on-year, to

Companies

ISA 2017 Profits Jump 44.5% Year-on-Year

Medellin Herald February 27, 2018

Medellin-based multinational electric power transmission giant ISA announced February 26 that full-year 2017 net profits rose 44.5% year-on-year, to COP$1.1 trillion (US$386 million), largely thanks to improved financial results in its Brazilian electric-power operations. Earnings before interest, taxes, depreciation and amortization (EBITDA) hit COP$4.4 trillion (US$1.5

Companies

Sura 2017 Net Income Falls 13% Year-on-Year on Unfavorable COP/Dollar Rates

Medellin Herald February 27, 2018

Medellin-based multinational insurance and asset-management giant Grupo Sura announced February 27 that its full-year 2017 net profits fell 13% year-on-year – to COP$1.45 trillion (US$493 million) — mainly because of changes in the exchange rate between the U.S. dollar and the Colombian peso (COP). Excluding currency impacts and non-recurring items, net profit would

Companies

Grupo Argos 2017 Net Income Jumps 29% Year-on-Year

Medellin Herald February 27, 2018

Medellin-based multinational cement, power and highway/airport-concession giant Grupo Argos announced this month that its full-year 2017 net income rose 29% year-on-year, to COP$453 billion (US$158 million). Argos also reported earnings before interest, taxes, depreciation and amortization (EBITDA) rose 7% year-on-year, to COP$630 billion (US$220 million), with EBITDA