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),

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 […]

Business Companies

Tigo-UNE Nine-Months 2023 Net Loss Hits US$128 Million, but Outlook Improves

Medellin Herald October 26, 2023

Luxembourg-based cell-phone/telecom/internet multinational Millicom announced October 25 that its half-owned Tigo-UNE subsidiary in Colombia — the other half owned by Medellin-based public utility EPM – has posted a net loss of US$138 million for the first nine months of 2023 (January through September). (The Tigo-UNE joint venture with EPM also incorporates related

Business Politics

EPM’s Biggest Union Unveils Shocking Report on Mayor Quintero’s Corruption, Lies, Financial Destruction

Medellin Herald October 21, 2023

SINPRO – the biggest professional employees union of public utilities giant EPM – on October 20 publicly unveiled a stunning, 93-page report detailing immense financial, organizational and political damage to EPM and Medellin by outgoing Mayor Daniel Quintero. Quintero — who took office in January 2020 — suddenly resigned September 30 in order to dedicate […]

Business Companies

El Salvador Supermarket Giant Inks Takeover Deal for Grupo Éxito

Medellin Herald October 16, 2023

Medellin-based supermarket/dry-goods giant Grupo Éxito announced October 16 that its France-based majority shareholder Grupo Casino has inked a deal whereby El Salvador-based supermarket chain Grupo Calleja (“Super Selectos”) would become Grupo Éxito’s new owner. As part of the total US$1.17 billion deal, Grupo Calleja would acquire Casino’s current 34% stake in Grupo

Business Companies

EPM Awards Hidroituango Completion Contract to China’s Yellow River Ltd.

Medellin Herald October 11, 2023

EPM announced this morning (October 11) that it has finalized an estimated COP$1 trillion (US$236 million) contract with China-based Yellow River Ltd. (Colombia branch) and Colombia-based Schrader Camargo to complete the final-phase construction of the 2.4-gigawatt Hidroituango hydroelectric plant here in Antioquia. Those two companies – dubbed “CYS Consortium” – outbid