Business Companies

Grupo Argos 3Q 2023 Net Profit Up 13% Year-on-Year

Medellin Herald November 10, 2023

Medellin-based Grupo Argos – parent of cement/concrete giant Cementos Argos, power producer Celsia and airports/highways concessionaire Odinsa – on November 9 reported that third quarter (3Q) net income rose 13% year-on-year, to COP$367 billion (US$90.7 million). Earnings before interest,

Business Companies

Bancolombia 3Q 2023 Net Income Dips 8.7% Year-on-Year

Medellin Herald November 9, 2023

Medellin-based multinational banking giant Bancolombia announced November 8 that its third quarter (3Q) net income dipped 8.7% year-on-year, to COP$1.5 trillion (US$371 million). “Annualized return on equity (ROE) at the consolidated level was 16.1% for the latest quarter and 16.7% for the last 12 months,” according to the company. Gross loans dipped 1.2% versus second

Business Companies

Éxito Posts Net Loss for 3Q 2023 on Higher Financial Expenses

Medellin Herald November 9, 2023

Medellin-based multinational supermarket/dry goods retailer Almacenes Éxito on November 8 posted a third quarter (3Q) 2023 net loss of COP$31.7 billion (US$7.8 million) — a 163% year-on-year decline, as 3Q 2022 produced a net profit of COP$49.9 billion (US$12.3 million). While higher financial expenses hurt the bottom line this year, recurring earnings before

Business Companies

Celsia 3Q 2023 Net Income Falls 26.7% Year-on-Year

Medellin Herald November 9, 2023

Medellin-based multinational electric power producer Celsia on November 8 announced a 26.7% year-on-year decline in third quarter (3Q) 2023 net income, to COP$81.67 billion (US$20.3 million) –- mainly due to soaring financial expenses. Earnings before interest, taxes, depreciation and amortization (EBITDA) dipped 2.4% year-on-year, to COP$414 billion (US$102.6 million),

Business Companies

Cementos Argos 3Q 2023 Profits Jump 173% Year-on-Year

Medellin Herald November 9, 2023

Medellin-based multinational cement/concrete giant Cementos Argos announced November 8 that its third quarter (3Q) 2023 net income soared 173% year-on-year, to COP$250 billion (US$61.7 million). The profits jump came despite a 1% decline in gross revenue, at COP$3.087 trillion (US$762 million), while earnings before interest, taxes, depreciation and amortization (EBITDA)

Business Companies

ISA 3Q 2023 Net Income Drops 23% Year-on-Year

Medellin Herald November 2, 2023

Medellin-based multinational electric-power, highways and telecom giant ISA announced November 2 that its third quarter (3Q) 2023 net income fell 23% year-on-year, to COP$512 billion (US$126 million). Operating revenues likewise dipped 11%, to COP$3.2 trillion (US$789 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) fell 15%, to

Business Companies

EPM Nine-Months 2023 Net Profits Grow 11% Year-on-Year

Medellin Herald November 2, 2023

Medellin-based multinational electric power and utilities giant EPM announced November 1 that its nine-months (January through September) 2023 net profits hit COP$3.4 trillion (US$837 million), up 11% year-on-year. The City of Medellin — EPM’s sole owner — has netted COP$1.4 trillion (US$345 million) so far this year thanks to the profitable results, according

General News Infrastructure

New Antioquia Governor Promises Alternative Financing to Complete ‘4G’ Highways, Amend Hidroituango Contract

Medellin Herald November 1, 2023

Newly elected Antioquia Governor Andrés Julián Rendón promised in an interview published today (November 1) in the Medellin-based daily newspaper El Colombiano that he has already come up with several ways to finance completion of the crucial “4G” highways linking Medellin to-and-from Atlantic and Pacific freight ports. Current Colombia President Gustavo Petro —

Business Politics

‘Fico’ Wins Medellin Mayoralty, Rendon Wins Antioquia Governorship; Petro, Quintero, Perez Trashed by Voters

Medellin Herald October 30, 2023

Enormously popular former Medellin Mayor Federico Gutierrez (“Fico,” right in photo, above) last night (October 28) recorded a smashing, runaway second-term victory with 73% of the vote, beating hugely unpopular Mayor Daniel Quintero’s hand-picked successor, Juan Carlos Upegui, who garnered an historically pathetic 10% of total votes. In similar fashion, former Rionegro

Business Companies

Nutresa 3Q 2023 Net Income Falls 48% Year-on-Year

Medellin Herald October 28, 2023

Medellin-based multinational foods giant Grupo Nutresa announced October 27 that its third quarter (3Q) 2023 net income fell 48% year-on-year, to COP$114 billion (US$27.7 million), while nine-months 2023 net income dipped 18%, to COP$592.7 billion (US$144 million). Soaring finance costs hurt the bottom line, according to the company. For 3Q 2023, sales rose 2.7%, to […]