Companies

Construcciones El Condor Posts COP$69.7 Billion Net Loss in 2022

Medellin Herald March 31, 2023

Medellin-based highway construction giant Construcciones El Condor announced March 31 a full-year 2022 net loss of COP$69.7 billion (US$14.9 million), a sharp reversal from the COP$8.8 billion (US$2.2 million) net profit for full-year 2021. El Condor blamed the profit decline on “the unrealized

Companies

EPM Full-Year 2022 Profits Drop on Write-Down in Tigo-UNE Value; Hidroituango Costs Rise; Medellin Finances to Suffer

Medellin Herald March 28, 2023

Medellin-based multinational electric power, utilities and telecom-internet giant EPM announced March 27 that its full-year 2022 net income declined 10% year-on-year, to COP$3 trillion (US$645 million). The decline is explained by a COP$1 trillion (US$215 million) write-down in the value of its partial holding in the Tigo-UNE telecom/internet company, according to EPM. As

General News

Medellin Metro Public Transit System Continues to Grow, Improve

Medellin Herald March 21, 2023

Medellin’s world-famous “Metro” transit system – featuring electric railcars, electric roadway trams, electric aerial tramways carrying passengers up steep mountainsides, natural-gas-powered bus rapid transit (BRT) systems and free bicycles adjacent to Metro stations – mobilized 258 million passengers in 2015, up 9.8% year-on-year. According to a March 18 annual report

Companies

Mineros SA Full-Year 2020 Net Income Drops 42%, but 4Q Shows Rebound

Medellin Herald March 21, 2023

Medellin-based multinational gold mining giant Mineros SA announced March 8 that its full-year 2020 profits fell 42% year-on-year, to US$37.5 million, but fourth quarter (4Q) 2020 rose 54% year-on-year, to US$13 million. Full-year 2020 earnings before interest, taxes, depreciation and amortization (EBITDA) dipped 32%, to US$128 million, while gross revenues fell 16%, to

Companies

Renault Announces US$100 Million Expansion at Envigado Assembly Plant

Medellin Herald March 17, 2023

Renault-Sofasa – for 53 years producing cars in the Medellin suburb of Envigado – announced March 16 a US$100 million expansion plan that will bring more-advanced technologies to its popular line of vehicles that already enjoy number-one market-share in Colombia. Attending a special press event here were Colombia’s Minister of Commerce, Industry and Tourism Germán […]

Companies

Enka Full-Year 2022 Profits Drop 58% Year-on-Year

Medellin Herald March 17, 2023

Medellin-based textiles and plastics-recycling giant Enka reported March 16 that its full-year 2022 net income dropped 58% year-on-year, to COP$24.6 billion (US$5.08 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 29% year-on-year, to COP$54 billion (US$11 million). The EBITDA decline was explained by “lower [sales] volume and

Companies

Valores Simesa Trims Net Loss in 2022 Versus 2021

Medellin Herald March 16, 2023

Medellin-based real estate developer Valores Simesa – owner of the “Ciudad del Rio” properties here on lands once occupied by a long-since-demolished iron foundry – announced March 15 a COP$778 million (US$160,000) net loss for full-year 2022, an improvement over the COP$4.56 billion (US$936,000) net loss in 2021. Financial investments explain the big improvement, netting

Companies

Coltejer Piles Up Another Yearly Loss; Assets for Sale

Medellin Herald March 9, 2023

Medellin-based Coltejer – formerly a giant in Colombia’s multinational textile industry – on March 8 posted a COP$137 billion (US$28.8 million) net loss for full-year 2022, compared to a net loss of COP$121 billion (US$25.5 million) in 2021. Sales likewise declined to a measly COP$3.1 billion (US$653,000) compared to COP$16.9 billion (US$3.56 million) in 2021. […]

Companies

Isagen 2015 Net Income Dips on Dollar-Denominated Sogamoso Debt

Medellin Herald March 4, 2023

Medellin-based national power generator Isagen reported March 3 that its full-year 2015 net income dipped 17% year-on-year (y-o-y), to COP297 billion (US$93 million), due to higher taxes and higher costs for dollar-denominated debt that financed construction of its new, 805-megawatt (MW) “Sogamoso” hydroelectric plant. Operating income rose 25% y-o-y—to COP2.8 trillion

Companies

Conconcreto Full-Year 2022 Profits Rebound from Negative 2021

Medellin Herald March 2, 2023

Medellin-based construction giant Conconcreto announced March 1 that its full year 2022 net profit rose to COP$61 billion (US$12.5 million), up from a COP$200 billion (US$41 million) net loss in 2021. Revenues also rose 67% year-on-year, hitting COP$1.35 trillion (US$278 million), from COP$812 billion (US$167 million) in 2021, while earnings before interest, taxes,