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

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

Companies

Exito Full-Year 2017 Net Profits Rise 500% Year-on-Year

Medellin Herald February 26, 2018

Medellin-based multinational retail giant Grupo Exito announced February 21 that its full-year 2017 net profits rose five-fold year-on-year, to COP$217 billion (US$76 million). Exito credited the improvement “mainly to solid operating results in Brazil,” lower interest rates in Brazil and Colombia, and productivity improvements corporate-wide. Gross revenues rose 9.4%

Companies

Bancolombia 4Q 2017 Net Income Falls 20% Year-on-Year

Medellin Herald February 26, 2018

Medellin-based international banking giant Bancolombia announced February 21 that its fourth quarter (4Q) 2017 net income fell 20.25% year-on-year, to COP$902 billion (US$318 million), from COP$1.13 trillion (US$398 million) in 4Q 2016. Net loans grew 4.9% in 4Q 2017 versus 4Q 2016 – an indicator of “moderation in credit demand in Colombia,” according to the […]

Companies

Creytex ‘Intelligent Factory’ Shows How Medellin Can Compete in ‘Fast Fashion’

Medellin Herald February 10, 2018

Starting humbly from a garage workshop in 1971, Medellin-based clothing manufacturer Creytex has since become an especially successful innovator in the fiercely competitive global textile/clothing business. It’s an exceptional story, as most local textile and clothing manufacturers here experienced sharp declines last year in the Colombian domestic market — due