Business Companies

Start-Up Solar-Photovoltaic Energy Company Targets ‘Greener’ Growth

Medellin Herald May 23, 2024

Medellin’s up-and-coming “Oriente” suburbs not only host the JMC International Airport and burgeoning residential/commercial developments, but also some unusually innovative companies — including a far-sighted solar photovoltaic (PV) start-up by the name of “50/50 Group.” Initially

Business Companies

Grupo Excala Post 1Q 2024 Net Loss

Medellin Herald May 16, 2024

Medellin-based multinational specialty-fibers and packaging producer Grupo Excala/Compañia de Empaques announced May 14 a net loss of COP$918 million (US$240,000) for first quarter (1Q) 2024. The loss was blamed on a COP$9.08 billion (US$2.37 million) deterioration in the value of Excala’s investment in agroindustrial production of fique fiber. Excala meanwhile reported a

Business Companies

Grupo Sura 1Q 2024 Profits Jump 488% On One-Time Gains

Medellin Herald May 16, 2024

Medellin-based insurance, health-care and asset-management multinational Grupo Sura announced May 15 that first quarter (1Q) 2024 net income soared 488% year-on-year, to COP$4.9 trillion (US$1.28 billion). Total revenues likewise jumped 52.2% year-on-year, to COP$13.6 trillion (US$3.55 billion). “This increase is mainly due to a 365.7% growth in revenue from investments,

Business Companies

Grupo Argos 1Q 2024 Profits Skyrocket 1,041% Year-on-Year

Medellin Herald May 16, 2024

Medellin-based Grupo Argos – parent company of Cementos Argos, power producer Celsia and highway/airport concessionaire Odinsa – announced May 15 a first quarter (1Q) 2024 net profit of COP$6.5 trillion (US$1.7 billion) — a whopping 1,041% year-on-year increase. “With the successful closure in January of this year of the asset combination between Summit Materials and

Business Companies

Isagen 1Q 2024 Net Income Drops 50% Year-on-Year

Medellin Herald May 16, 2024

Medellin-based 100% renewable-power giant Isagen announced May 15 that its first quarter (1Q) net income plunged 50% year-on-year, to COP$198 billion (US$51.7 million), from COP$397 billion (US$103.7 million) in 1Q 2023. Operating income also dipped slightly (0.5%) year-on-year, to COP$1.34 trillion (US$350 million), while earnings before interest, taxes, depreciation and

Business Companies

Conconcreto 1Q 2024 Net Profits Plummet 80% Year-on-Year

Medellin Herald May 16, 2024

Medellin-based international highways-and-housing construction giant Conconcreto announced May 15 that its first quarter (1Q) net income dropped 80% year-on-year, to COP$2.7 billion (US$704,000), from COP$14 billion (US$3.6 million) in 1Q 2023. Revenues also fell 50% year-on-year, to COP$127 billion (US$33 million). Conconcreto blamed the revenue drop “mainly due to the

Business Companies

UNE-EPM (Tigo) Posts Net Loss for 1Q 2024

Medellin Herald May 16, 2024

Medellin-based UNE-EPM – the internet/cell-phone/cable-TV joint venture with Spain-based Millicom (Tigo) – announced May 15 a first quarter (1Q) 2024 net loss of COP$95 billion (US$24.8 million). That loss was however a 35% year-on-year reduction from the COP$148 billion (US$38.6 million) net loss in 1Q 2023, according to the company. Gross revenues for 1Q 2024 […]

Business Companies

Grupo IMSA 1Q 2024 Profits Soar 409% Year-on-Year

Medellin Herald May 15, 2024

Medellin-based multinational diversified manufacturer Grupo IMSA announced May 14 a 409% year-on-year hike in first quarter (1Q) profits, hitting COP$90.6 billion (US$23.6 million). “The increase in net profit is explained by the better operating results of our companies and the receipt of an additional payment derived from the sale agreement of O-tek Internacional to WIG

Business Companies

Enka 1Q 2024 Profits Dip Year-on-Year

Medellin Herald May 15, 2024

Medellin-based textiles and plastics-recycling giant Enka announced May 14 that its first quarter (1Q) 2024 net income fell 22% year-on-year, to COP$3.56 billion (US$929,000), from COP$4.6 billion (US$1.2 million) in 1Q 2023. Revenues also fell 14% year-on-year, to COP$125 billion (US$32.6 million), but earnings before interest, taxes, depreciation and amortization

Business Companies

Cementos Argos 1Q 2024 Profits Skyrocket on Summit Materials Deal

Medellin Herald May 15, 2024

Medellin-based multinational cement/concrete giant Cementos Argos announced May 14 that it booked a one-time, year-on-year profit gain of COP$5.33 trillion (US$1.4 billion) thanks to combining its U.S. operations with Summit Materials. As a result, Argos reported a first quarter (1Q) 2024 net income of COP$5.3 trillion (US$1.38 billion). “With the money received [from