Business Companies

Cementos Argos Full-Year 2023 Net Income Jumps 83% Year-on-Year

Medellin Herald February 22, 2024

Medellin-based multinational cement/concrete giant Cementos Argos announced February 20 that its full-year 2023 net income soared 83% year-on-year, to COP$393 billion (US$99.8 million), from COP$215 billion (US$54.6 million) in 2022. Revenues rose 8.8%, to COP$12.7 trillion (US$3.2 billion),

Business Companies

Celsia Full-Year 2023 Net Income Falls 21% Year-on-Year

Medellin Herald February 22, 2024

Medellin-based electric power giant Celsia announced February 20 that its full-year 2023 net income declined 21% year-on-year, to COP$349 billion (US$88.8 million), from COP$443 billion (US$112.7 million) in 2022. Despite the profits drop, revenues rose 11.6% year-on-year, to COP$6.23 trillion (US$1.58 billion), while earnings before interest, taxes, depreciation and

Business Companies

Bancolombia Full-Year 2023 Net Income Dips 9.8% Year-on-Year

Medellin Herald February 22, 2024

Medellin-based multinational banking giant Bancolombia announced February 20 that its full-year 2023 net income fell 9.8% year-on-year, to COP$6.1 trillion (US$1.55 billion), from COP$6.78 trillion (US$1.7 billion) in 2022. Meanwhile, annualized return on equity at the consolidated level came-in at 16.1% for full-year 2023, according to the company. Gross loans stood at

Business Companies

Sura’s ‘Protección’ Subsidiary Sells El Salvador Operations for US$60 Million

Medellin Herald February 16, 2024

Medellin-based insurance/pensions/health-care multinational Grupo Sura announced February 15 that its pensions subsidiary Protección just inked a deal to sell its El Salvador financial subsidiary, Pension Funds Crecer. The US$60 million deal means that Protección “will dispose of all the shares it owns in administrator of pension-funds administrator Crecer S.A.,” according

Business Companies

Mineros SA 2023 Net Income Rises 18% Year-on-Year

Medellin Herald February 16, 2024

Medellin-based multinational gold miner Mineros SA announced February 15 that its full-year 2023 net income for continuing operations grew by 18% year-on-year, to US$301 million, from US$255 million in 2022. Commenting on the results, Mineros President Andrés Restrepo explained that “we had a solid fourth operating quarter and a year in which we demonstrated our […]

Business Companies

Fabicato Denounces Denim Contraband, But Nixes Erroneous ‘Bankruptcy’ Report

Medellin Herald January 31, 2024

The president of Medellin-based textile giant Fabricato SA on January 30 publicly denounced growing, apparently illegal denim-fabric smuggling into Colombia – which helps explain why the company has already slashed its own denim production by almost 80%. In a filing with Colombia’s Superfinanciera corporate oversight agency, Fabricato President Gustavo Alberto Lenis

Business Companies

Postobón, Enka Ink Huge Plastics-Recycling Deal for PET Bottles

Medellin Herald December 17, 2023

Medellin-based plastics-recycling giant Enka on December 14 announced a deal to supply its “Eko-Pet” plastic resin for production of new plastic bottles with Cali-based, national bottled-drinks giant Postobón. The 10-year supply deal “will strengthen the implementation of the circular economy in Colombia, closing the cycle of PET, a 100% infinitely recyclable material,

Culture Medellin + Antioquia news

Amazing Work of Art in Venecia, Antioquia: Colossal, Folkloric, Quixotic

Medellin Herald December 16, 2023

Medellin-based professional architect Luis Fernando Betancur has over the last 18 years gradually developed what can only be described as an astonishing work of art — delighting thousands of visitors to the Santuario de San Jose church in Venecia, Antioquia (about two-hours-drive southwest of Medellin). This world-record, 260-square-meters work-of-art in the

Business Companies

EPM Must Pay US$196 Million for 2018 Hidroituango Tunnel Collapse Damages: Arbitrators

Medellin Herald December 8, 2023

A special arbitration panel at the Medellin Chamber of Commerce has just ordered Medellin-based utilities giant EPM to pay COP$781 billion (US$196 million) to the major owners of the US$5 billion, 2.4-gigawatt “Hidroituango” hydroelectric project here in Antioquia. The ruling is a big win for the Antioquia departmental government and its development agency (IDEA) who […]

Business Companies

Grupo IMSA Nine-Months 2023 Net Profits Triple Year-on-Year

Medellin Herald November 16, 2023

Medellin-based Grupo IMSA announced November 14 that its nine-months (January through September) 2023 net income tripled year-on-year, to COP$81 billion (US$19.8 million), from COP$27 billion (US$6.6 million) in nine-months 2022. Revenues for nine-months 2023 also jumped, to COP$136 billion (US$33.3 million), versus COP$109 billion (US$26.7 million) for nine-months 2022.