Profiles

‘Digital Nomads’ Becoming Permanent Medellin Residents: 3 Stories

Medellin Herald August 19, 2017

Until recently, twenty-nine-year-old U.S. expat Steve Marcinuk – who has worked in 30 countries and scores of cities – could be tagged as a “digital nomad” who’s only temporarily in Medellin. But that’s changing as Marcinuk – having just completed his first full year in Medellin — instead

Companies

Construcciones El Condor Sees 2Q 2017 Profits Jump Nine-Fold

Medellin Herald August 16, 2017

Medellin-based construction giant Construcciones El Condor announced August 11 that its second-quarter (2Q) 2017 net income rose nine-fold year-on-year, to COP$159 billion (US$53.6 million), while revenues jumped 55%, to COP$455 billion (US$153 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) rose five-fold, to COP$226 billion (US$76

Events

Top Antioquia Producers Hail U.S. Decision Enabling Avocado Exports

Medellin Herald August 16, 2017

Two of Antioquia’s leading producers of Hass avocados on August 15 hailed a new decision by the U.S. government to allow imports of Colombian avocados into the U.S. market starting September 15. “Unlike Peru and Chile, Colombia enjoys permanent production of Hass avocados during 12 months of the year,” said Ricardo Uribe Lalinde, general manager […]

Companies

Exito First-Half 2017 Profits Rebound Year-on-Year

Medellin Herald August 15, 2017

Medellin-based multinational supermarket giant Exito reported August 14 that its first-half (1H) 2017 net profits rebounded to COP$61.6 billion (US$20.7 million), up from a COP$47.7 billion (US$16 million) loss in 1H 2016. Revenues also rose 12.4% year-on-year, to COP$26.8 trillion (US$9 billion), while recurring earnings before interest, taxes, depreciation and

Companies

Grupo Sura First-Half 2017 Net Profits Dip 34.6% on Peso Devaluation

Medellin Herald August 15, 2017

Medellin-based multinational insurance, pensions and investment giant Grupo Sura announced August 15 that its first-half (1H) 2017 net income dipped 34.6% year-on-year mainly because of Colombian peso devaluation against the U.S. dollar. However, revenues rose 22.4% year-on-year to COP$9.9 trillion (US$3.3 billion), while investment income jumped 61.5%, to COP$1.1 trillion

Companies

Cementos Argos First-Half 2017 EBITDA Drops 26% Year-on-Year, but 2Q Rebounds

Medellin Herald August 14, 2017

Medellin-based multinational cement giant Cementos Argos reported August 11 that its first-half (1H) 2017 earnings before interest, taxes, depreciation and amortization (EBITDA) fell 26% year-on-year, to COP$641 billion (US$216 million). Revenues dipped 4% year-on-year, to COP$4.2 trillion (US$1.4 billion), but second-quarter (2Q) net income rebounded over the first

Health & Insurance.

Suramericana, Sanitas, Aliansalud: Top 3 ‘EPS’ Health-Insurance Networks in Colombia

Medellin Herald August 14, 2017

A new study by Colombia’s health ministry (Ministerio de Salud) found that Suramericana EPS, Sanitas EPS and Aliansalud EPS were rated the top-three health insurance network providers by patients in the “contributory” (user-pays, employer-pays) “Entidades Prestadoras de Salud” (EPS) health-coverage sector. However, the study didn’t cover health-care consumers in the

Events

Pope Francisco Visit to Medellin: Olaya Herrera Airport to Shut for a Week

Medellin Herald August 11, 2017

Medellin’s downtown Olaya Herrera airport will eliminate all flights from September 4 through September 10 to accommodate enormous crowds expected for Mass ceremonies for Pope Francisco’s visit. According to the official press statement from Olaya Herrera airport management, all flights that normally would arrive and depart from the downtown airport instead will be

Companies

Bancolombia 2Q 2017 Profits Rise 7% over 1Q 2017

Medellin Herald August 10, 2017

Medellin-based banking giant Bancolombia announced August 9 that its second-quarter (2Q) 2017 profits rose 7% over first-quarter 2017, to COP$654 billion (US$223 million). Meanwhile, Bancolombia’s 2Q 2017 gross portfolio grew 8.5% year-on-year, to US$52 billion, with 27% of the total corresponding to its international businesses represented in Banistmo (Panama), Banco

Companies

Fabricato 1H 2017 Sales, EBITDA Decline Year-on-Year; Net Income Rises

Medellin Herald August 10, 2017

Medellin-based textiles giant Fabricato announced August 10 that its first-half (1H) 2017 sales fell 5.6% year-on-year, to COP$90.8 billion (US$30 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) margin fell by more than half, to 2.7%. On the up-side, Fabricato recorded a COP$45 billion (US$15 million) gain on the transfer of its 70%