Business Companies

Construcciones El Condor Posts 2Q 2024 Net Loss

Medellin Herald August 10, 2024

Medellin-based highway construction giant Construcciones El Cóndor announced August 9 a net loss of COP$64.7 billion (US$15.9 million) for second quarter (2Q) 2022 — but that was a 19% year-on-year improvement over the COP$79.6 billion (US$19.5 million) net loss in 2Q 2023. Gross income

Business Companies

Bancolombia 2Q 2024 Net Income Dips 1.5% Year-on-Year

Medellin Herald August 9, 2024

Medellin-based multinational banking giant Bancolombia announced August 8 that its second quarter (2Q) 2024 net income dipped 1.5% year-on-year, to COP$1.44 trillion (US$354 million), from COP$1.46 trillion (US$359 million) in 2Q 2023. Compared to first quarter (1Q) 2024, net income fell 13.4% — mainly due to provision charges for past-due loans for comercial

Uncategorized

Celsia 2Q 2024 Net Income Jumps 77% Year-on-Year

Medellin Herald August 7, 2024

Medellin-based electric power producer-distributor Celsia (a división of Grupo Argos) announced August 6 a 77% year-on-year jump in second quarter (2Q) 2024 profits, hitting COP$139 billion (US$33.5 million), from COP$78 billion (US$18.8 million) in 2Q 2023. Revenues also rose 21% year-on-year, to COP$1.9 trillion (US$459 million), from COP$1.58 trillion (US$382 million)

Uncategorized

Enka 2Q 2024 Net Income Crashes 96% Year-on-Year

Medellin Herald August 7, 2024

Medellin-based textiles and plastics recycling giant Enka announced August 6 that its second quarter (2Q) 2024 net income plummeted 96% year-on-year, to COP$5.36 billion (US$1.3 million), from COP$10.5 billion (US$2.5 million) in 2Q 2023. Earnings before interest, taxes, depreciation and amortization (EBITDA) also fell 36% year-on-year, to COP$9.296 billion (US$2.2

Business Colombian economy

ISA 2Q 2024 Net Income Up 2% Year-on-Year

Medellin Herald August 1, 2024

Medellin-based multinational electric-power transmission, highways concessionaire and telecom giant ISA announced July 31 a 2% year-on-year gain in second quarter (2Q) 2024 net income, to COP$708 billion (US$173 million). Revenues for 2Q 2024 declined 3% year-on-year, to COP$3.4 trillion (US$832 million), while earnings before interest, taxes, depreciation and amortization

Business Colombian economy

Millicom Rejects Atlas Bid, Unveils Movistar Merger Deal, EPM Share Bid

Medellin Herald July 31, 2024

Luxembourg-based multinational telecom-internet-cable-TV giant Millicom announced today (July 31) a deal whereby Millicom and Spain-based Telefonica would merge their Colombia operations and also buy-out EPM´s 49.9% stake in Tigo-UNE. The announcement comes on the heels of Millicom´s rejection of the recent US$4.1 billion buyout offer from telecom competitor Atlas Luxco

Business Companies

Grupo Nutresa 2Q 2024 Net Income Rises 17.4% Year-on-Year

Medellin Herald July 27, 2024

Medellin-based multinational foods giant Grupo Nutresa announced July 25 that its second quarter (2Q) 2024 net income rose 17.4% year-on-year, to COP$164 billion (US$40.8 million), from COP$140.4 billion (US$34.9 million) in 2Q 2023. Gross revenues for 2Q 2024 rose 4.9% year-on-year, to COP$565 billion (US$140.6 million), according to a filing with Colombia´s

Business Companies

Fabricato Falls Into Bankruptcy

Medellin Herald July 13, 2024

Medellin-based textile giant Fabricato S.A. announced July 12 in a filing with Colombia’s Superfinanciera oversight agency that it has formally entered bankruptcy protection. The bankruptcy filing “has as its objective the protection of credit and the recovery and conservation of the company as a unit of economic exploitation and source of employment, through

Business Companies

Medellin Mayor Proposes Sale of EPM’s 49.99% Share of Tigo-UNE

Medellin Herald July 5, 2024

Medellin Mayor Federico Gutiérrez announced July 4 that he will bring a proposal to the Medellin City Council this month to sell city-owned EPM’s 49.99% share of telecom-internet-cable-TV giant Tigo-Une. The move comes on the heels of Atlas Luxco’s US$4.1 billion proposal to buy-out Luxembourg-based Millicom. Millicom owns the other half of Tigo-UNE here in […]

Health & Insurance. Uncategorized

Sura EPS Health Network Going Kaput, Leaving Millions in Limbo

Medellin Herald May 29, 2024

Medellin-based health-network-insurance provider Sura EPS – one of Colombia’s biggest EPS organizations, with 5.4 million members – announced May 28 that it has just begun the process to exit the health-insurance market, effectively due to government financial strangulation. The move comes as Sura EPS — a subsidiary of Medellin-based multinational insurance giant