Business Companies

IMSA 2Q 2023 Net Profits Soar Year-on-Year

Medellin Herald August 15, 2023

Medellin-based food additives, chemical-composites and consumer/industrial products maker Grupo IMSA announced August 14 that its second quarter (2Q) 2023 profits hit COP$47 billion (US$11.4 million), up from COP$2.3 billion (US$560,000) in 2Q 2022. Revenues also rose, to COP$254 billion (US$62

Business Companies

Fabricato 2Q 2023 Net Losses Worsen Year-on-Year

Medellin Herald August 15, 2023

Medellin-based textile giant Fabricato on August 14 posted a second quarter (2Q) net loss of COP$28 billion (US$6.8 million), worse than the COP$786 million (US$192,000) net loss in 2Q 2023. Revenues also fell year-on-year, to COP$88.8 billion (US$21.7 million) in 2Q 2023, versus COP$112 billion (US$27 million) in 2Q 2022, according to the company. The […]

Business Companies

Conconcreto Posts Net Loss for 2Q 2023, Reversing Net Profit in 2Q 2022

Medellin Herald August 15, 2023

Medellin-based construction giant Conconcreto on August 14 posted a second quarter (2Q) net loss of COP$1.55 billion (US$378,000), a sharp year-on-year reversal from the COP$25 billion (US$6 million) net profit in 2Q 2022. Revenues also plunged to COP$268 billion (US$65 million), from COP$319 billion (US$78 million) in 2Q 2022. For first half (1H) 2023 (January […]

Business Companies

Grupo Sura Posts 2Q 2023 Net Loss on Tax Charges Taken for Nutresa Stock Sale

Medellin Herald August 15, 2023

Medellin-based insurance and asset-management giant Grupo Sura on August 15 posted a second quarter (2Q) 2023 net loss of COP$11 billion (-US$2.7 million) — a sharp reversal from a COP$557 billion (US$136 million) net profit in 2Q 2022. Sura blamed the net loss on its decision to accelerate tax charges into 2Q 2023 for the […]

Business Companies

Isagen 2Q 2023 Net Income Jumps 22% Year-on-Year

Medellin Herald August 12, 2023

Medellin-based electric power generation giant Isagen announced August 11 that its second quarter (2Q) 2023 net income rose 22% year-on-year, to COP$302.7 billion (US$76 million). Operating income also rose 20% year-on-year, to COP$1.28 trillion (US$322 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 17%, hitting COP$858 billion

Business Companies

Construcciones El Condor 2Q 2023 Net Losses Soar 350% Year-on-Year

Medellin Herald August 12, 2023

Medellin-based highway construction giant Construcciones El Condor announced August 11 that its second quarter (2Q) 2023 net losses soared 350% year-on-year, hitting a negative COP$79.6 billion (US$20 million), versus a net loss of COP$17.5 billion (US$4.4 million) in 2Q 2022. Soaring finance costs and now-final exits from prior, unprofitable projects mainly explain the

Business Companies

Enka 2Q 2023 Net Income Jumps 61% Year-on-Year

Medellin Herald August 12, 2023

Medellin-based textiles and waste-plastics recycling specialist Enka announced August 11 that its second quarter (2Q) 2023 net income rose 61% year-on-year, to COP$10.5 billion (US$2.6 million). However, earnings before interest, taxes, depreciation and amortization (EBITDA) fell by 21%, to COP$12.6 billion (US$3.1 million), according to the company. While the year-on-year

Business Companies

Grupo Argos 2Q 2023 Profits Rise 11% Year-on-Year

Medellin Herald August 11, 2023

Medellin-based Grupo Argos – parent company of electric-power producer Celsia, cement/concrete giant Cementos Argos and highway/airport concessionaire Odinsa (the latter an alliance with Macquarie Infrastructure and Real Assets (MIRA) – on August 10 announced an 11% year-on-year hike in second quarter (2Q) 2023 net income, hitting COP$458 billion (US$115 million). Revenues

Business Companies

Aris Mining 2Q 2023 Net Income Soars 252% Year-on-Year; Novel Profit-Share Scheme Debuts

Medellin Herald August 10, 2023

Vancouver, British Columbia-based Aris Mining – owner of the highly productive Segovia, Antioquia gold mine (formerly Gran Colombia Gold, GCM) – announced August 9 that it posted a net profit of US$8.26 million in second quarter (2Q) 2023 — a 252% jump from a net loss of US$5.4 million in 2Q 2022. Gold revenues rose […]

Business Companies

Bancolombia 2Q 2023 Net Income Dips 18% Year-on-Year

Medellin Herald August 10, 2023

Medellin-based multinational banking giant Bancolombia announced August 9 that its second quarter (2Q) net income fell 18% year-on-year, to COP$1.46 trillion (US$369 million). Meanwhile, Bancolombia noted a drastic decline in gross domestic product so far in 2023 and an even weaker outlook for 2024 (see chart, above). “The consolidated gross portfolio was COP$261 billion