Tourism

InselAir Relaunches Medellin-to-Aruba Nonstop Flights

Medellin Herald March 15, 2016

Dutch Caribbean airline InselAir announced March 8 that — thanks to the recent relaxation of visa requirements – it will resume twice-a-week nonstop flights from Medellin’s international airport at Rionegro to the Caribbean island of Aruba. “Demand has increased due to the removal of the

Colombian economy

Medellin-Based Bancolombia Net Income Soars Despite Colombian Economy Dip

Medellin Herald March 15, 2016

Bancolombia – already Colombia’s biggest bank and now operating in 10 countries in Latin America – on March 9 reported a 21% year-on-year (y-o-y) jump in fourth quarter (4Q) 2015 net income, to COP656 billion (US$207.9 million). Full-year 2015 net income rose 5.5% y-o-y, to 2.5 trillion (US$792 million), according to the company. The bank’s […]

General News

USAID Launches ‘Oro Legal’ Responsible-Mining Projects in Antioquia

Medellin Herald March 4, 2016

The U.S. Agency for International Development (USAID) announced March 4 the launch of “Oro Legal” projects aiming to promote environmentally and socially responsible gold mining in Antioquia and Chocó departments. Among the companies that will cooperate in the projects is Medellin-based gold-mining giant Mineros SA, recognized nationally and internationally for its

Companies

Fabricato, Coltejer Report Improved Financial Results in 2015

Medellin Herald March 3, 2016

Medellin-based textile manufacturer Fabricato revealed February 24 in a filing with the Superintendencia Financiera de Colombia that its fourth quarter (4Q) net income rose to COP4.9 billion (US$1.5 million), up from a net loss of COP11.6 billion (-US$3.6 million) in 4Q 2014. Earnings before interest, taxes, depreciation and amortization (EBITDA) for 4Q 2015 rose to […]

Companies

Conconcreto, Construcciones El Condor 2015 Profits Jump on Infrastructure Projects

Medellin Herald March 3, 2016

Medellin-based construction industry giants Conconcreto and Construcciones El Condor both reported March 1 that revenues and profits are soaring thanks to recent, current and future launches of giant construction projects including the “fourth generation” (4G) highways and related ocean freight ports. According to Conconcreto, full-year 2015 profits soared 305%

Economy & Finance

Antioquia’s Banana Growers Seeing Big Jump in Exports: Augura

Medellin Herald March 3, 2016

The Medellin-based national trade association for Colombia’s banana growers (“Asociacion de Bananeros de Colombia,” also known as “Augura”) announced March 2 that 2015 exports jumped 14% year-on-year (y-o-y), to 94 million 20-kilogram (kg) boxes. Augura, which represents 75% of all Colombian banana acreage, notes that the major producing areas are Uraba (Antioquia),

Companies

Medellin-Based Exito Retail Chain Reports Huge Growth in 2015

Medellin Herald March 2, 2016

Medellin-based supermarket and retail chain Grupo Exito announced March 1 that its full-year 2015 consolidated revenues skyrocketed by 219% thanks to recent acquisitions in Brazil, Argentina and Uruguay, in addition to continuing growth in Colombia. Consolidated revenues hit COP33.4 trillion (US$10 billion) in 2015, while net income rose 14.8% year-on-year (y-o-y), to

Companies

ISA 2015 Net Income Hits All-Time Record

Medellin Herald March 2, 2016

Medellin-based ISA – principal operator of Colombia’s national electric power transmission grid and the “XM’ power trading network,  as well as operating toll-road concessions internationally – announced March 1 that its full-year 2015 net income rose 37.6% year-on-year (y-o-y) to COP701 trillion (US$219 million), an all-time record.  Full-year 2015 operating

Companies

Mineros SA Full-Year 2015 Profits Jump 60% Despite Fall in Gold Prices

Medellin Herald March 1, 2016

Medellin-based Mineros SA – a 100% Colombian-owned pioneer in novel alluvial mining of gold – on March 1 announced that its net profits for full-year 2015 rose 60.3% year-on-year (y-o-y), to COP72.8 billion (US$22 million), despite a small reduction in total gold produced. Full-year 2015 earnings before interest, taxes, depreciation and amortization (EBITDA) also rose […]

Companies

Medellin’s Grupo Nutresa EBITDA Jumps 16.7% Year-on-Year

Medellin Herald March 1, 2016

Medellin-based multinational food producer Grupo Nutresa announced February 26 that its full-year 2015 earnings before interest, taxes, depreciation and amortization (EBITDA) rose 16.7% year-on-year, to COP975.5 billion (US$293 million) on sales of COP7.9 trillion (US$2.9 billion), up 22.6%. Full-year 2015 sales in Colombia (not including the recently purchased El Corral