Companies

Grupo Sura 2Q 2022 Net Income Jumps 30.7% Year-on Year

Medellin Herald August 13, 2022

Medellin-based multinational insurance, health care and asset-management group Grupo Sura announced August 12 that its second quarter (2Q) 2022 net income rose 30.7% year-on-year, to COP$603 billion (US$145 million) – its best quarterly performance in seven years. Total revenues likewise rose

Companies

Grupo Orbis 1H 2022 Net Profit Dips Year-on-Year

Medellin Herald August 13, 2022

Medellin-based paints, chemicals and hardware multinational Grupo Orbis – now a division of Netherlands-based AkzoNobel – on August 12 reported a first-half (1H) 2022 net profit of COP$19.3 billion (US$4.6 million), down from COP$22.9 billion (US$5.5 million) in 1H 2021. Gross income was basically flat year-on-year, at COP$897 billion (US$215 million), according to

Companies

Fabricato 2Q 2022 Net Income Best in Five Years

Medellin Herald August 13, 2022

Medellin-based textile giant Fabricato announced August 12 that its second quarter (2Q) 2022 net income hit COP$5.1 billion (US$1.22 million) – its best quarter in five years — while first-half (1H) 2022 net income is up 110% year-on-year. Sales during 2Q 2022 also hit levels not seen since 2013, at COP$235 billion (US$56.5 million), while […]

Companies

Enka 1H 2022 Net Income Drops 31% Year-on-Year

Medellin Herald August 13, 2022

Medellin-based textiles and plastics/polyester recycling specialist Enka announced August 12 that its first-half (1H) 2022 net income fell 31% year-on-year, to COP$20.3 billion (US$4.87 million). The company blamed the decline on “lower operating income, foreign exchange differences and an increase in financial expenses as a result of increased indebtedness.” Earnings

Companies

Construcciones El Condor Posts 1H 2022 Net Loss on Project-Finance Accounting

Medellin Herald August 13, 2022

Medellin-based highway construction giant Construcciones El Condor on August 12 reported a first half (1H) 2022 accounting net loss of COP$17.5 billion (US$4.2 million). “The results recognized by the equity method and the unrealized net-exchange difference generated a net result of negative COP$17.5 billion, which led the company to present a net margin of minus-4.98%,”

Companies

Bancolombia 2Q 2022 Net Income Ticks-Up 2.7% Year-on-Year

Medellin Herald August 10, 2022

Medellin-based multinational banking giant Bancolombia announced August 9 that its second quarter (2Q) 2022 net income rose 2.76% year-on-year, to COP$1.73 trillion (US$405 million). Gross loans totaled COP$243 trillion (US$56.8 billion), up 19.4% year-on-year. “When excluding the foreign-exchange effect, the increase during the last twelve months was 15.3%,” according to

Companies

Cementos Argos 2Q Net Income Plummets 97% Year-on-Year

Medellin Herald August 9, 2022

Medellin-based multinational cement/concrete giant Cementos Argos announced August 8 that its second quarter (2Q) 2022 net income fell 97% year-on-year, to COP$5 billion (US$1.15 million). “Net income decreased due to non-recurring operations of asset sales that were reflected in the results of the second quarter of 2021,” according to the company. However, revenues jumped

Taxes

New National Tax Proposal Would Collect COP$25 Trillion Extra in 2023, COP$50 Trillion Extra by 2026

Medellin Herald August 8, 2022

Colombia’s new Finance Minster Jose Antonio Campo on August 8 unveiled a 130-page tax proposal to the national Congress — aiming to boost tax collections by COP$25 trillion (US$5.8 billion) next year, then gradually increasing each of the following three years, hitting COP$50 trillion (US$11.58 billion) by 2026. The proposed scheme generally follows promises made

Companies

Celsia 2Q 2022 Net Income Dips 23% Year-on-Year

Medellin Herald August 6, 2022

Medellin-based electric power producer Celsia (a division of Grupo Argos) announced August 5 that its second quarter (2Q) 2022 net income fell to COP$152 billion (US$35 million), a 23% decline from the COP$198 billion (US$51 million) net in 2Q 2021. Consolidated 2Q 2022 revenues hit COP$1.21 trillion (US$279 million), with 89% of that coming from […]

Companies

Mineros 2Q 2022 Net Income Rises 10% Year-on-Year

Medellin Herald August 4, 2022

Medellin-based multinational gold miner Mineros SA on August 3 reported a 10% year-over-year hike in net income for second quarter (2Q) 2022. Revenue likewise rose 7% year-on-year, to US$137 million, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 12%, to US$46.7 million. Gold production also rose by 10% year-on-year, to 74,062